American Century Quantitative Equity Funds NCSR Certified annual shareholder report (management investment company)


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number	811-05447

AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS, INC.
(Exact name of registrant as specified in charter)

4500 MAIN STREET, KANSAS CITY, MISSOURI		64111
(Address of principal executive offices)		(Zip Code)

CHARLES A. ETHERINGTON
4500 MAIN STREET, KANSAS CITY, MISSOURI 64111
(Name and address of agent for service)

Registrant’s telephone number, including area code:	816-531-5575

Date of fiscal year end:	06-30

Date of reporting period:	06-30-2010


ITEM 1. REPORTS TO STOCKHOLDERS.

Annual Report
June 30, 2010

American Century Investments^®

Utilities Fund

Table of Contents


President’s Letter	2
Market Perspective	3
U.S. Stock Index Returns	3

Utilities

Performance	4
Portfolio Commentary	6
Utilities Market Returns	7
Top Ten Holdings	8
Industry Breakdown	8
Types of Investments in Portfolio	8

Shareholder Fee Example	9

Financial Statements

Schedule of Investments	11
Statement of Assets and Liabilities	13
Statement of Operations	14
Statement of Changes in Net Assets	15
Notes to Financial Statements	16
Financial Highlights	21
Report of Independent Registered Public Accounting Firm	22

Other Information

Proxy Voting Results	23
Management	24
Board Approval of Management Agreements	28
Additional Information	34
Index Definitions	35

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.

President’s Letter

Dear Investor:

To learn more about the capital markets, your investment, and the portfolio management strategies American Century Investments provides, we encourage you to review this shareholder report for the financial reporting period ended June 30, 2010.

On the following pages, you will find investment performance and portfolio information, presented with the expert perspective and commentary of our portfolio management team. This report remains one of our most important vehicles for conveying the information you need about your investment performance, and about the market factors and strategies that affect fund returns. For additional information on the markets, we encourage you to visit the “Insights & News” tab at our Web site, americancentury.com, for updates and further expert commentary.

The top of our Web site’s home page also provides a link to “Our Story,” which, first and foremost, outlines our commitment—since 1958—to helping clients reach their financial goals. We believe strongly that we will only be successful when our clients are successful. That’s who we are.

Another important, unique facet of our story and who we are is “Profits with a Purpose,” which describes our bond with the Stowers Institute for Medical Research (SIMR). SIMR is a world-class biomedical organization—founded by our company founder James E. Stowers, Jr. and his wife Virginia—that is dedicated to researching the causes, treatment, and prevention of gene-based diseases, including cancer. Through American Century Investments’ private ownership structure, more than 40% of our profits support SIMR.

Mr. Stowers’ example of achieving financial success and using that platform to help humanity motivates our entire American Century Investments team. His story inspires us to help each of our clients achieve success. Thank you for sharing your financial journey with us.

Sincerely,

Jonathan Thomas
President and Chief Executive Officer
American Century Investments

Market Perspective

By Scott Wittman, Chief Investment Officer, Quantitative Equity and Asset Allocation

Stocks Rallied as Economy Improved

U.S. stocks posted double-digit gains for the 12 months ended June 30, 2010, thanks largely to improving economic conditions and unexpectedly strong corporate earnings. As the period began, the U.S. economy was starting to show early signs of recovery following a sharp downturn in late 2008 and early 2009. Led by improving results in manufacturing activity, housing, and consumer spending, the economy posted positive growth in the third and fourth quarters of 2009 after four consecutive quarters of declining output. By the first quarter of 2010, jobs data turned positive, providing further evidence of a burgeoning economic recovery.

In addition, corporate profits consistently exceeded expectations as many companies implemented stringent cost-management programs that helped boost profit margins. Rising demand for delayed big-ticket purchases, such as cars and appliances, also contributed to stronger earnings. As a result, stocks rose steadily for much of the period, with the major equity indices advancing by more than 30% from the beginning of the period through April 30, 2010.

Growing Uncertainty Led to Late Decline

Market conditions changed abruptly in the last two months of the period as persistent worries about sovereign debt problems in Europe and questions about the sustainability of the domestic economic recovery (validated to some degree by weaker economic data late in the period) weighed on investor confidence. With these headwinds, the equity market peaked in late April and then reversed direction in May and June. In addition, market volatility increased dramatically—the S&P 500 Index moved up or down by more than 1% on nearly half of the trading days in the second quarter of 2010.

Although stocks gave back a notable portion of their gains late in the period, the broad market indices returned approximately 15% overall for the 12 months. Mid- and small-cap stocks posted the best returns (see the table below), outpacing large-cap shares, while value stocks outperformed growth-oriented issues across all market capitalizations.


U.S. Stock Index Returns
For the 12 months ended June 30, 2010
Russell 1000 Index (Large-Cap)	15.24%	Russell 2000 Index (Small-Cap)	21.48%
Russell 1000 Value Index	16.92%	Russell 2000 Value Index	25.07%
Russell 1000 Growth Index	13.62%	Russell 2000 Growth Index	17.96%
Russell Midcap Index	25.13%
Russell Midcap Value Index	28.91%
Russell Midcap Growth Index	21.30%

Performance


Utilities

Total Returns as of June 30, 2010
				Average Annual Returns
		Ticker				Since	Inception
		Symbol	1 year	5 years	10 years	Inception	Date
Utilities		BULIX	5.30%	2.01%	1.31%	6.46%	3/1/93
Russell 3000
Utilities Index		—	5.13%	0.81%	-1.79%	N/A⁽¹⁾	—
S&P 500 Index		—	14.43%	-0.79%	-1.59%	7.04%⁽²⁾	—
(1)	Index data first available 7/1/96.
(2)	Since 2/28/93, the date nearest the fund’s inception for which data are available.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. The fund concentrates its investments in a narrow segment of the total market and is therefore subject to greater risks and market fluctuations than a portfolio representing a broader range of industries. International investing involves special risks, such as political instability and currency fluctuations.

Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the indices are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the indices do not.

Utilities


Total Annual Fund Operating Expenses
Utilities	0.70%

The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. The fund concentrates its investments in a narrow segment of the total market and is therefore subject to g reater risks and market fluctuations than a portfolio representing a broader range of industries. International investing involves special risks, such as political instability and currency fluctuations.

Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the indices are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the indices do not.

Portfolio Commentary

Utilities

Portfolio Manager: Joe Sterling

On March 31, 2010, Utilities portfolio manager John Schniedwind, who was also chief investment officer for quantitative equity, retired from American Century Investments after 27 years with the firm. Effective August 9, 2010, Bill Martin will join Joe Sterling as a portfolio manager of the Utilities Fund.

Performance Summary

Utilities Fund returned 5.30% for the 12 months ended June 30, 2010, outpacing the 5.13% return of its benchmark, the Russell 3000 Utilities Index. The S&P 500 Index, a broad market measure, returned 14.43%.

As described on page 3, equity indices advanced during the reporting period, responding positively to signs of improving economic conditions. Market gains were curbed in the second half of the reporting period, though, as economic trends in the U.S. and abroad softened, causing fears of a double-dip recession and reigniting concerns about the health of the global financial system. Against this backdrop, Utilities Fund delivered gains on an absolute basis, and modestly outperformed its benchmark.

From a broad sector perspective, an overweight allocation and effective stock selection within the traditional utilities sector accounted for the majority of the portfolio’s outperformance relative to its benchmark. Within the sector, a substantial overweight allocation to the gas utilities industry was a key contributor to absolute and relative gains. An underweight stake and effective stock selection in the independent power producer industry group also helped performance on a relative basis, although the group detracted from absolute returns. Holdings in the electric utilities industry were a source of underperformance. An overweight allocation and stock decisions in the telecommunications services sector also contributed significantly to relative returns. Stock selection in the information technology sector slightly trimmed returns relative to the benchmark.

Traditional Utilities Contributed

The traditional utilities group, which represented almost 75% of the portfolio, was the largest sector source of positive relative returns for the reporting period. Within the industry group, overweight positions in select gas utilities helped absolute and relative performance. In particular, a substantial overweight stake in ONEOK, Inc. represented the single largest contribution by far to relative gains, as the natural gas storage and transportation company’s share price climbed 53% in the period. The company had faced a number of issues early in 2009, including a weak economy, legislative debates over carbon restrictions, renewable energy mandates, and regulatory push back on recovery of costs and investments. During the reporting period, as investors gained confidence about these issues and recognized ONEOK’s sound fundamentals, the share price rebounded. Similarly, a significantly overweight positio n in diversified natural gas company National Fuel Gas Co. added meaningfully to absolute and relative performance as the company’s share price gained 31%.

An underweight allocation and effective stock decisions among independent power producers also helped relative returns. The portfolio successfully avoided key benchmark underperformers, including Dynegy, Inc. The electric power company reported a wider than expected net loss during the period due to lower commodities prices and slower demand. The portfolio also sidestepped energy company AES Corporation, which reported lower earnings and reduced its guidance for future earnings due to weaker forward prices and declining volume.

Utilities

The portfolio avoided the water utilities group altogether. This trimmed relative performance modestly, as water utilities delivered modest gains within the benchmark.

Stock selection in the electric utilities industry detracted from absolute and relative performance. Here, the portfolio held several detrimental positions in non-benchmark securities that declined amid sluggish demand for electricity.

Telecommunications, Energy Helped

The telecommunications services sector benefited relative returns. Within the sector, the portfolio held an underweight position in telecommunications provider Verizon. This decision proved advantageous, as the company’s share price declined due to charges associated with workforce reductions and a decline in contract customers. An overweight stake in telecommunications services provider Windstream Corp. added to absolute and relative performance. The company’s share price gained 39% as revenue climbed.

The energy sector also contributed to relative returns. Within the sector, the portfolio held select positions within the oil, gas, and consumable fuels group that were not benchmark members. These positions outperformed the benchmark average during the period.

Information Technology Detracted

The information technology sector was a source of weakness relative to the benchmark. Within the sector, the portfolio’s only position was QUALCOMM, which is not a benchmark constituent. The company’s share price declined during the period.

Outlook

Utilities Fund employs a structured, disciplined investment approach. The management team incorporates both growth and value measures into its stock selection process and attempts to balance the portfolio’s risk and expected return.

The team has continued to avoid water utilities in the portfolio. The portfolio has maintained overweight positions in gas utilities and multi-utilities, as our quantitative process has identified opportunities in these areas.


Utilities Market Returns
For the 12 months ended June 30, 2010
Broad U.S. Stock Market		Primary Utilities Industries in Fund Benchmark
S&P 500 Index	14.43%	Diversified Telecommunication Services	3.23%
Nasdaq Composite Index*	14.94%	Electric Utilities	0.98%
Broad Utilities Market		Multi-Utilities	16.21%
Lipper Utility Fund Index	9.09%	Gas Utilities	23.77%
Russell 3000 Utilities Index	5.13%	Independent Power Producers
		& Energy Traders	-11.31%
		Wireless Telecommunication Services	–3.61%
*Return does not reflect the reinvestment of dividends on securities in the index. Had such reinvestments been included, returns would have
been higher.


Utilities

Top Ten Holdings
	% of net assets
	as of 6/30/10
AT&T, Inc.	4.6%
Verizon Communications, Inc.	4.1%
Public Service Enterprise Group, Inc.	3.5%
Southern Co.	3.3%
Edison International	3.1%
PG&E Corp.	3.0%
ONEOK, Inc.	3.0%
CenturyLink, Inc.	3.0%
NextEra Energy, Inc.	2.9%
American Electric Power Co., Inc.	2.6%

Industry Breakdown
	% of net assets
	as of 6/30/10
Electric Utilities	26.0%
Multi-Utilities	24.5%
Gas Utilities	19.7%
Integrated Telecommunication Services	17.7%
Wireless Telecommunication Services	3.8%
Oil & Gas Storage & Transportation	2.9%
Independent Power Producers & Energy Traders	2.4%
Communications Equipment	1.2%
Coal & Consumable Fuels	0.4%
Cash & Equivalents⁽¹⁾	1.4%
(1) Includes temporary cash investments and other assets and liabilities.

Types of Investments in Portfolio
	% of net assets
	as of 6/30/10
Domestic Common Stocks	92.3%
Foreign Common Stocks⁽²⁾	6.3%
Total Common Stocks	98.6%
Temporary Cash Investments	1.2%
Other Assets and Liabilities	0.2%
(2) Includes depositary shares, dual listed securities and foreign ordinary shares

Shareholder Fee Example (Unaudited)

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/ exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from January 1, 2010 to June 30, 2010.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments fund, or Institutional Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. We will not charge the fee as long as you choose to manage your accounts exclusively online. If you are subject to the Account Maintenance Fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*	Annualized
	1/1/10	6/30/10	1/1/10 – 6/30/10	Expense Ratio*
Actual	$1,000	$926.60	$3.34	0.70%
Hypothetical	$1,000	$1,021.32	$3.51	0.70%
*Expenses are equal to the fund’s annualized expense ratio listed in the table above, multiplied by the average account value over the period,
multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period.

Schedule of Investments


Utilities

JUNE 30, 2010
	Shares	Value		Shares	Value
Common Stocks — 98.6%			INTEGRATED TELECOMMUNICATION
			SERVICES—17.7%
COAL & CONSUMABLE FUELS—0.4%			AT&T, Inc.	432,516	$ 10,462,562
Arch Coal, Inc.	50,400	$ 998,424	CenturyLink, Inc.	204,254	6,803,701
COMMUNICATIONS EQUIPMENT—1.2%			France Telecom SA ADR	90,400	1,564,824
QUALCOMM, Inc.	81,900	2,689,596	Koninklijke KPN NV	168,400	2,150,274
ELECTRIC UTILITIES—26.0%			Qwest Communications
Allegheny Energy, Inc.	58,700	1,213,916	International, Inc.	829,600	4,355,400
American Electric			Telefonica SA ADR	20,000	1,110,600
Power Co., Inc.	184,440	5,957,412	Verizon
Duke Energy Corp.	222,304	3,556,864	Communications, Inc.	331,499	9,288,602
E.ON AG ADR	39,800	1,066,640	Windstream Corp.	438,700	4,632,672
Edison International	224,500	7,121,140			40,368,635
EDP- Energias			MULTI-UTILITIES—24.5%
de Portugal SA	520,200	1,536,002	Alliant Energy Corp.	39,600	1,256,904
EDP- Energias			CenterPoint Energy, Inc.	438,900	5,775,924
de Portugal SA ADR	3,300	97,515
Entergy Corp.	65,500	4,691,110	CMS Energy Corp.	168,700	2,471,455
Exelon Corp.	128,500	4,879,145	Consolidated Edison, Inc.	126,600	5,456,460
FirstEnergy Corp.	105,300	3,709,719	Dominion Resources, Inc.	147,712	5,722,363
Iberdrola SA	314,288	1,762,440	DTE Energy Co.	97,200	4,433,292
Iberdrola SA ADR	1,410	31,626	MDU Resources Group, Inc.	165,100	2,976,753
NextEra Energy, Inc.	135,900	6,626,484	NSTAR	113,642	3,977,470
PPL Corp.	177,200	4,421,140	PG&E Corp.	166,200	6,830,820
			Public Service
Progress Energy, Inc.	88,000	3,451,360	Enterprise Group, Inc.	255,500	8,004,815
Southern Co.	226,300	7,531,264	SCANA Corp.	50,200	1,795,152
UniSource Energy Corp.	57,300	1,729,314	Sempra Energy	49,100	2,297,389
		59,383,091	Wisconsin Energy Corp.	21,300	1,080,762
GAS UTILITIES—19.7%			Xcel Energy, Inc.	180,400	3,718,044
AGL Resources, Inc.	128,100	4,588,542			55,797,603
Atmos Energy Corp.	72,600	1,963,104	OIL & GAS STORAGE & TRANSPORTATION—2.9%
Energen Corp.	99,900	4,428,567	El Paso Corp.	346,900	3,854,059
Laclede Group, Inc. (The)	85,600	2,835,928	Williams Cos., Inc. (The)	150,000	2,742,000
National Fuel Gas Co.	114,800	5,267,024			6,596,059
Nicor, Inc.	137,800	5,580,900	WIRELESS TELECOMMUNICATION SERVICES—3.8%
Northwest Natural Gas Co.	63,600	2,771,052	America Movil SAB de CV,
ONEOK, Inc.	157,900	6,829,175	Series L ADR	68,100	3,234,750
Questar Corp.	82,000	3,730,180	Sprint Nextel Corp.⁽¹⁾	903,042	3,828,898
Southwest Gas Corp.	41,100	1,212,450	Vodafone Group plc ADR	83,000	1,715,610
UGI Corp.	221,000	5,622,240			8,779,258
		44,829,162	TOTAL COMMON STOCKS
INDEPENDENT POWER PRODUCERS			(Cost $216,581,908)		224,836,683
& ENERGY TRADERS—2.4%
Constellation Energy
Group, Inc.	83,100	2,679,975
NRG Energy, Inc.⁽¹⁾	128,000	2,714,880
		5,394,855


Utilities

	Shares	Value	Notes to Schedule of Investments
Temporary Cash Investments — 1.2%			ADR = American Depositary Receipt
JPMorgan U.S. Treasury			(1) Non-income producing.
Plus Money Market
Fund Agency Shares	39,761	$ 39,761	Industry classifications are unaudited.
Repurchase Agreement, Bank of America
Securities, LLC, (collateralized by various
U.S. Treasury obligations, 1.125%, 6/30/11,
valued at $2,855,814), in a joint trading			See Notes to Financial Statements.
account at 0.01%, dated 6/30/10, due
7/1/10 (Delivery value $2,800,001)		2,800,000
TOTAL TEMPORARY
CASH INVESTMENTS
(Cost $2,839,761)		2,839,761
TOTAL INVESTMENT
SECURITIES — 99.8%
(Cost $219,421,669)		227,676,444
OTHER ASSETS
AND LIABILITIES — 0.2%		424,770
TOTAL NET ASSETS — 100.0%		$228,101,214

Statement of Assets and Liabilities


JUNE 30, 2010
Assets
Investment securities, at value (cost of $219,421,669)	$227,676,444
Foreign currency holdings, at value (cost of $1,736)	1,741
Receivable for capital shares sold	54,766
Dividends and interest receivable	857,854
	228,590,805

Liabilities
Payable for investments purchased	313,028
Payable for capital shares redeemed	43,156
Accrued management fees	133,407
	489,591

Net Assets	$228,101,214

Capital Shares, $0.01 Par Value
Authorized	80,000,000
Shares outstanding	18,079,309

Net Asset Value Per Share	$12.62

Net Assets Consist of:
Capital (par value and paid-in surplus)	$237,406,229
Undistributed net investment income	471,590
Accumulated net realized loss on investment and foreign currency transactions	(18,030,633)
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies	8,254,028
	$228,101,214


See Notes to Financial Statements.

Statement of Operations


YEAR ENDED JUNE 30, 2010
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $63,558)	$10,892,754
Interest	2,361
	10,895,115
Expenses:
Management fees	1,689,841
Directors’ fees and expenses	7,413
Other expenses	10,588
	1,707,842

Net investment income (loss)	9,187,273

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment and foreign currency transactions	(6,893,889)
Change in net unrealized appreciation (depreciation) on investments and translation
of assets and liabilities in foreign currencies	10,462,991

Net realized and unrealized gain (loss)	3,569,102

Net Increase (Decrease) in Net Assets Resulting from Operations	$12,756,375


See Notes to Financial Statements.

Statement of Changes in Net Assets


YEARS ENDED JUNE 30, 2010 AND JUNE 30, 2009
Increase (Decrease) in Net Assets	2010	2009
Operations
Net investment income (loss)	$ 9,187,273	$ 9,289,159
Net realized gain (loss)	(6,893,889)	(10,136,166)
Change in net unrealized appreciation (depreciation)	10,462,991	(96,933,284)
Net increase (decrease) in net assets resulting from operations	12,756,375	(97,780,291)

Distributions to Shareholders
From net investment income	(8,908,274)	(10,297,789)

Capital Share Transactions
Proceeds from shares sold	38,240,653	26,237,168
Proceeds from reinvestment of distributions	8,390,010	9,704,306
Payments for shares redeemed	(59,111,698)	(78,199,008)
Net increase (decrease) in net assets from capital share transactions	(12,481,035)	(42,257,534)

Net increase (decrease) in net assets	(8,632,934)	(150,335,614)

Net Assets
Beginning of period	236,734,148	387,069,762
End of period	$228,101,214	$236,734,148

Undistributed net investment income	$471,590	$453,735

Transactions in Shares of the Fund
Sold	2,863,153	2,073,571
Issued in reinvestment of distributions	622,364	766,908
Redeemed	(4,462,805)	(5,951,923)
Net increase (decrease) in shares of the fund	(977,288)	(3,111,444)


See Notes to Financial Statements.

Notes to Financial Statements

JUNE 30, 2010

1. Organization and Summary of Significant Accounting Policies

Organization — American Century Quantitative Equity Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company. Utilities Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified under the 1940 Act. The fund’s investment objective is to seek current income and long-term growth of capital and income. The fund invests at least 80% of its assets in equity securities of companies engaged in the utilities industry. The following is a summary of the fund’s significant accounting policies.

Security Valuations — Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence .

Security Transactions — For financial reporting purposes, security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. For assets and liabilities, other than investments in securities, net realized and unrealized gains and losses from foreign currency translations arise from changes in currency exchange rates.

Net realized and unrealized foreign currency exchange gains or losses occurring during the holding period of investment securities are a component of net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively. Certain countries may impose taxes on the contract amount of purchases and sales of foreign currency contracts in their currency. The fund records the foreign tax expense, if any, as a reduction to the net realized gain (loss) on foreign currency transactions.

Each repurchase agreement is recorded at cost. The fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable the fund to obtain those securities in the event of a default under the repurchase agreement. ACIM monitors, on a daily basis, the securities transferred to ensure the value, including accrued interest, of the securities under each repurchase agreement is equal to or greater than amounts owed to the fund under each repurchase agreement.

Joint Trading Account — Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. The fund is no longer subject to examination by tax authorities for years prior to 2006. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Accordingly, no provision has been made for federal or state income taxes.

Distributions to Shareholders — Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually.

Indemnifications — Under the corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

Use of Estimates — The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates.

Subsequent Events — In preparing the financial statements, management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

2. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a Management Agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The Agreement provides that all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the specific class of shares of the fund and paid monthly in arrears. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. The rates for the Investment Category Fee range from 0.3380% to 0.5200%. The rates for the Complex Fee range from 0.2500% to 0.3100%. The effective annual management fee for the year ended June 30, 2010 was 0.69%.

The fund is eligible to invest in a money market fund for temporary purposes, which is managed by J.P. Morgan Investment Management, Inc. (JPMIM). The fund has a Mutual Funds Services Agreement with J.P. Morgan Investor Services Co. (JPMIS) and a securities lending agreement with JPMorgan Chase Bank (JPMCB). JPMCB is a custodian of the fund. JPMIM, JPMIS and JPMCB are wholly owned subsidiaries of JPMorgan Chase & Co. (JPM). JPM is an equity investor in ACC.

3. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the year ended June 30, 2010, were $26,074,746 and $39,355,465, respectively.

4. Fair Value Measurements

The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:

• Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical securities;

• Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or

• Level 3 valuation inputs consist of significant unobservable inputs (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities as of June 30, 2010. The Schedule of Investments provides additional details on the fund’s portfolio holdings.


	Level 1	Level 2	Level 3
Investment Securities
Domestic Common Stocks	$210,566,402	—	—
Foreign Common Stocks	8,821,565	$5,448,716	—
Temporary Cash Investments	39,761	2,800,000	—
Total Value of Investment Securities	$219,427,728	$8,248,716	—

5. Interfund Lending

The fund, along with certain other funds in the American Century Investments family of funds, may participate in an interfund lending program, pursuant to an Exemptive Order issued by the Securities and Exchange Commission (SEC). This program provides an alternative credit facility allowing the fund to borrow from or lend to other funds in the American Century Investments family of funds that permit such transactions. Interfund lending transactions are subject to each fund’s investment policies and borrowing and lending limits. The interfund loan rate earned/paid on interfund lending transactions is determined daily based on the average of certain current market rates. Interfund lending transactions normally extend only overnight, but can have a maximum duration of seven days. The program is subject to annual approval by the Board of Directors. During the year ended June 30, 2010, the fund did not utilize the program.

6. Risk Factors

The fund concentrates its investments in a narrow segment of the total market. Because of this, the fund may be subject to greater risk and market fluctuations than a portfolio representing a broader range of industries.

There are certain risks involved in investing in foreign securities. These risks include those resulting from future adverse political, social, and economic developments, fluctuations in currency exchange rates, the possible imposition of exchange controls, and other foreign laws or restrictions.

7. Federal Tax Information

The tax character of distributions paid during the years ended June 30, 2010 and June 30, 2009 were as follows:


	2010	2009
Distributions Paid From
Ordinary income	$8,908,274	$10,297,789
Long-term capital gains	—	—

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

As of June 30, 2010, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:


Federal tax cost of investments	$219,955,552
Gross tax appreciation of investments	$ 28,504,301
Gross tax depreciation of investments	(20,783,409)
Net tax appreciation (depreciation) of investments	$ 7,720,892
Net tax appreciation (depreciation) on derivatives and translation
of assets and liabilities in foreign currencies	$ (747)
Net tax appreciation (depreciation)	$7,720,145
Undistributed ordinary income	$471,590
Accumulated capital losses	$(14,489,405)
Capital loss deferral	$(3,007,345)

The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

The accumulated capital losses listed on the previous page represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. The capital loss carryovers of $(492,967), $(2,580,682) and $(11,415,756) expire in 2011, 2017 and 2018, respectively.

The capital loss deferral listed on the previous page represents net capital losses incurred in the eight-month period ended June 30, 2010. The fund has elected to treat such losses as having been incurred in the following fiscal year for federal income tax purposes.

8. Corporate Event

As part of a long-standing estate and business succession plan established by ACC Co-Chairman James E. Stowers, Jr., the founder of American Century Investments, ACC Co-Chairman Richard W. Brown succeeded Mr. Stowers as trustee of a trust that holds a greater-than-25% voting interest in ACC, the parent corporation of the fund’s advisor. Under the 1940 Act, this is presumed to represent control of ACC even though it is less than a majority interest. The change of trustee may technically be considered a “change of control” of ACC and therefore also a change of control of the fund’s advisor even though there has been no change to its management and none is anticipated. The “change of control” resulted in the assignment of the fund’s investment advisory agreement. Under the 1940 Act, an assignment automatically terminated such agreement, making the approval of a new agreement neces sary.

The new agreement for the fund was approved by shareholders at a Special Meeting of Shareholders on June 16, 2010. The new agreement went into effect on July 16, 2010.

9. Other Tax Information (Unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended June 30, 2010.

For corporate taxpayers, the fund hereby designates $8,908,274, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended June 30, 2010 as qualified for the corporate dividends received deduction.

Financial Highlights


Utilities
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)
		2010	2009	2008	2007⁽¹⁾	2006	2005
Per-Share Data
Net Asset Value,
Beginning of Period		$12.42	$17.46	$18.04	$16.30	$13.40	$12.08
Income From
Investment Operations
Net Investment
Income (Loss)⁽²⁾		0.49	0.46	0.39	0.20	0.38	0.40
Net Realized and
Unrealized Gain (Loss)		0.19	(4.98)	(0.61)	1.70	2.92	1.32
Total From
Investment Operations		0.68	(4.52)	(0.22)	1.90	3.30	1.72
Distributions
From Net
Investment Income		(0.48)	(0.52)	(0.36)	(0.16)	(0.40)	(0.40)
Net Asset Value,
End of Period		$12.62	$12.42	$17.46	$18.04	$16.30	$13.40

Total Return⁽³⁾		5.30%	(25.89)%	(1.26)%	11.71%	24.99%	14.30%

Ratios/Supplemental Data
Ratio of Operating
Expenses to Average
Net Assets		0.70%	0.70%	0.68%	0.67%⁽⁴⁾	0.68%	0.67%
Ratio of Net Investment
Income (Loss)
to Average Net Assets		3.75%	3.54%	2.16%	2.30%⁽⁴⁾	2.62%	3.09%
Portfolio Turnover Rate		11%	14%	19%	20%	45%	21%
Net Assets, End of Period
(in thousands)		$228,101	$236,734	$387,070	$502,099	$336,672	$292,575
(1)	January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual
	reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)	Computed using average shares outstanding throughout the period.
(3)	Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year
	are not annualized. Total returns are calculated based on the net asset value of the last business day.
(4)	Annualized.

See Notes to Financial Statements.

Report of Independent Registered Public Accounting Firm

To the Directors of the American Century Quantitative Equity Funds, Inc.
and Shareholders of the Utilities Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Utilities Fund (one of the eleven funds comprising the American Century Quantitative Equity Funds, Inc., hereafter referred to as the “Fund”) at June 30, 2010, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Kansas City, Missouri
August 19, 2010

Proxy Voting Results

A special meeting of shareholders was held on June 16, 2010, to vote on the following proposals. Each proposal received the required number of votes and was adopted. A summary of voting results is listed below each proposal.

Proposal 1:

To elect one Director to the Board of Directors of American Century Quantitative Equity Funds, Inc. (the proposal was voted on by all shareholders of funds issued by American Century Quantitative Equity Funds, Inc.):


Frederick L.A. Grauer	For:	4,067,909,978
	Withhold:	174,470,448
	Abstain:	0
	Broker Non-Vote:	0

The other directors whose term of office continued after the meeting include Jonathan S. Thomas, John Freidenrich, Ronald J. Gilson, Peter F. Pervere, Myron S. Scholes, and John B. Shoven.

Proposal 2:

To approve a management agreement between the fund and American Century Investment Management, Inc.:


Investor Class	For:	143,449,883
	Against:	4,877,008
	Abstain:	5,206,489
	Broker Non-Vote:	23,455,454

Management

The Board of Directors

The individuals listed below serve as directors of the fund. Each director will continue to serve in this capacity until death, retirement, resignation or removal from office. The mandatory retirement age for directors who are not “interested persons,” as that term is defined in the Investment Company Act (independent directors), is 73. However, the mandatory retirement age may be extended for a period not to exceed two years with the approval of the remaining independent directors.

Mr. Thomas is the only director who is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor).

The other directors (more than three-fourths of the total number) are independent; that is, they have never been employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS). The directors serve in this capacity for eight (in the case of Mr. Thomas, 15) registered investment companies in the American Century Investments family of funds.

The following presents additional information about the directors. The mailing address for each director other than Mr. Thomas is 1665 Charleston Road, Mountain View, California 94043. The mailing address for Mr. Thomas is 4500 Main Street, Kansas City, Missouri 64111.

Independent Directors

John Freidenrich
Year of Birth: 1937
Position(s) with the Fund: Director
Length of Time Served: Since 2005
Principal Occupation(s) During the Past Five Years: Founder, Member and Manager, Regis
Management Company, LLC (investment management firm) (April 2004 to present)
Number of Funds in Fund Complex Overseen by Director: 41
Other Directorships Held by Director During the Past Five Years: None
Education/Other Professional Experience: AB in Economics, Stanford University; LLB,
Stanford Law School; formerly, Partner and Founder, Ware and Freidenrich Law
Firm and Bay Partners; formerly, President, Board of Trustees, Stanford University

Ronald J. Gilson
Year of Birth: 1946
Position(s) with the Fund: Director and Chairman of the Board
Length of Time Served: Since 1995
Principal Occupation(s) During the Past Five Years: Charles J. Meyers Professor of Law and
Business, Stanford Law School (1979 to present); Marc and Eva Stern Professor of
Law and Business, Columbia University School of Law (1992 to present)
Number of Funds in Fund Complex Overseen by Director: 41
Other Directorships Held by Director During the Past Five Years: None
Education/Other Professional Experience: BA, Washington University; JD, Yale Law School;
formerly, Attorney, Steinhart, Goldberg, Feigenbaum & Ladar

Frederick L. A. Grauer
Year of Birth: 1946
Position(s) with the Fund: Director
Length of Time Served: Since 2008
Principal Occupation(s) During the Past Five Years: Senior Advisor, BlackRock, Inc. (investment
management firm) (2010 to present); Senior Advisor, Barclays Global Investors
(investment management firm) (2003 to 2009)
Number of Funds in Fund Complex Overseen by Director: 41
Other Directorships Held by Director During the Past Five Years: None
Education/Other Professional Experience: BA in Economics, University of British Columbia;
MA in Economics, University of Chicago; PhD in Business, Stanford University;
formerly, Executive Chairman, Barclays Global Investors; Chairman and Chief
Executive Officer, Wells Fargo Nikko Investment Advisors; and Vice President,
Merrill Lynch Capital Markets Group; formerly, Director, New York Stock Exchange,
Chicago Mercantile Exchange and Columbia University; formerly, Faculty Member,
Graduate School of Business, Columbia University and Alfred P. Sloan School of
Management, Massachusetts Institute of Technology

Peter F. Pervere
Year of Birth: 1947
Position(s) with the Fund: Director
Length of Time Served: Since 2007
Principal Occupation(s) During the Past Five Years: Retired
Number of Funds in Fund Complex Overseen by Director: 41
Other Directorships Held by Director During the Past Five Years: Intraware, Inc. (2003 to 2009);
Digital Impact, Inc. (2003 to 2005)
Education/Other Professional Experience: BA in History, Stanford University; CPA; formerly,
Vice President and Chief Financial Officer, Commerce One, Inc. (software and
services provider); formerly, Vice President and Corporate Controller, Sybase, Inc.;
formerly with accounting firm of Arthur Young & Co.

Myron S. Scholes
Year of Birth: 1941
Position(s) with the Fund: Director
Length of Time Served: Since 1980
Principal Occupation(s) During the Past Five Years: Chairman, Platinum Grove Asset
Management, L.P. (asset manager) (1999 to 2009); Frank E. Buck Professor of
Finance-Emeritus, Stanford Graduate School of Business (1996 to present)
Number of Funds in Fund Complex Overseen by Director: 41
Other Directorships Held by Director During the Past Five Years: Dimensional Fund Advisors
(investment advisor); CME Group, Inc. (futures and options exchange)
Education/Other Professional Experience: BA in Economics, McMaster University (Ontario);
MBA and PhD, University of Chicago; formerly, Senior Research Fellow at the
Hoover Institute; formerly, Edward Eagle Brown Professor of Finance, University of
Chicago; recipient of the Alfred Nobel Memorial Prize in Economic Sciences

John B. Shoven
Year of Birth: 1947
Position(s) with the Fund: Director
Length of Time Served: Since 2002
Principal Occupation(s) During the Past Five Years: Professor of Economics, Stanford University
(1973 to present)
Number of Funds in Fund Complex Overseen by Director: 41
Other Directorships Held by Director During the Past Five Years: Cadence Design Systems;
Exponent; Financial Engines; PalmSource, Inc. (2002 to 2005); Watson Wyatt
Worldwide (2002 to 2006)
Education/Other Professional Experience: BA in Physics, University of California; PhD in
Economics, Yale University; Director of the Stanford Institute for Economic Policy
Research (1999 to present); formerly, Chair of Economics and Dean of Humanities
and Sciences, Stanford University

Interested Director
Jonathan S. Thomas
Year of Birth: 1963
Position(s) with the Fund: Director and President
Length of Time Served: Since 2007
Principal Occupation(s) During the Past Five Years: President and Chief Executive Officer,
ACC (March 2007 to present); Chief Administrative Officer, ACC (February 2006 to
February 2007); Executive Vice President, ACC (November 2005 to February 2007);
Global Chief Operating Officer and Managing Director, Morgan Stanley (investment
management) (March 2000 to November 2005). Also serves as: Chief Executive
Officer and Manager, ACS; Executive Vice President, ACIM; Director, ACC, ACIM
and other ACC subsidiaries
Number of Funds in Fund Complex Overseen by Director: 104
Other Directorships Held by Director During the Past Five Years: None
Education/Other Professional Experience: BA in Economics, University of Massachusetts;
MBA, Boston College; formerly held senior leadership roles with Fidelity
Investments, Boston Financial Services and Bank of America; serves on the Board of
Governors of the Investment Company Institute

Officers

The following table presents certain information about the executive officers of the fund. Each officer serves as an officer for each of the 15 investment companies in the American Century family of funds, unless otherwise noted. No officer is compensated for his or her service as an officer of the fund. The listed officers are interested persons of the fund and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.


Name	Offices with
(Year of Birth)	the Fund	Principal Occupation(s) During the Past Five Years
Jonathan S.	Director and	President and Chief Executive Officer, ACC (March 2007 to present);
Thomas	President	Chief Administrative Officer, ACC (February 2006 to February 2007);
(1963)	since 2007	Executive Vice President, ACC (November 2005 to February 2007); Global
		Chief Operating Officer and Managing Director, Morgan Stanley (March
		2000 to November 2005). Also serves as: Chief Executive Officer and
		Manager, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and
		other ACC subsidiaries
Barry Fink	Executive	Chief Operating Officer and Executive Vice President, ACC (September 2007
(1955)	Vice President	to present); President, ACS (October 2007 to present); Managing Director,
	since 2007	Morgan Stanley (2000 to 2007); Global General Counsel, Morgan Stanley
		(2000 to 2006). Also serves as: Manager, ACS, and Director, ACC and
		certain ACC subsidiaries
Maryanne L.	Chief Compliance	Chief Compliance Officer, American Century funds, ACIM and ACS (August
Roepke	Officer since 2006	2006 to present); Assistant Treasurer, ACC (January 1995 to August 2006);
(1956)	and Senior	and Treasurer and Chief Financial Officer, various American Century funds
	Vice President	(July 2000 to August 2006). Also serves as: Senior Vice President, ACS
	since 2000
Charles A.	General Counsel	Attorney, ACC (February 1994 to present); Vice President, ACC (November
Etherington	since 2007 and	2005 to present); General Counsel, ACC (March 2007 to present); Also
(1957)	Senior Vice	serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries;
	President	and Senior Vice President, ACIM and ACS
	since 2006
Robert J. Leach	Vice President,	Vice President, ACS (February 2000 to present); and Controller, various
(1966)	Treasurer and	American Century funds (1997 to September 2006)
	Chief Financial
	Officer since 2006
David H. Reinmiller	Vice President	Attorney, ACC (January 1994 to present); Associate General Counsel, ACC
(1963)	since 2001	(January 2001 to present); Chief Compliance Officer, American Century
		funds and ACIM (January 2001 to February 2005). Also serves as: Vice
		President, ACIM and ACS
Ward D. Stauffer	Secretary	Attorney, ACC (June 2003 to Present)
(1960)	since 2005

The SAI has additional information about the fund’s directors and is available without charge, upon request, by calling 1-800-345-2021.

Board Approval of Management Agreements

American Century Investment Management, Inc. (“ACIM” or the “Advisor”) currently serves as investment advisor to the Fund under a management agreement (the “Current Management Agreement”) that took effect on July 16, 2010, following approval by the Fund’s Board of Directors (the “Board”) and shareholders. The Advisor previously served as investment advisor to the Fund pursuant to a prior management agreement (the “Prior Management Agreement”) and an interim management agreement (the “Interim Management Agreement”). The Interim Management Agreement terminated in accordance with its terms on July 16, 2010, upon the effectiveness of the Current Management Agreement. The Prior Management Agreement terminated on February 16, 2010, as a result of a change of control of the Advisor’s parent company, American Century Companies, Inc. (“ACC”). T he change in control occurred as the result of a change in the trustee of a trust created by James E. Stowers, Jr., the founder of American Century Investments that holds shares representing a significant interest in ACC stock. Mr. Stowers previously served as the trustee of the trust. On February 16, 2010, Richard W. Brown, Co-Chairman of ACC with Mr. Stowers, became the trustee in accordance with the terms of the trust and Mr. Stowers’ long-standing estate and succession plan.

On February 18, 2010, the Board approved the Interim Management Agreement in accordance with Rule 15a-4 under the Investment Company Act to ensure continued management of the Fund by the Advisor after the termination of the Prior Management Agreement and until shareholder approval of the Current Management Agreement as required under the Act. The Board approved the Current Management Agreement and recommended its approval to shareholders. Fund shareholders approved the Current Management Agreement at a meeting held on June 16, 2010.

The Interim Management Agreement and the Current Management Agreement are substantially identical to the Prior Management Agreement except for their effective dates and the termination provisions of the Interim Management Agreement. Under the Interim and Current Management Agreements, the Advisor will provide the same services to the Fund and receive the same compensation rate as under the Prior Management Agreement.

Basis for Board Approval of Interim Management Agreement

In considering the approval of the Interim Management Agreement, Rule 15a-4 requires the Board to approve the contract within ten business days of the termination of the prior agreement and to determine that the compensation to be received under the interim agreement is no greater than would have been received under the prior agreement. In connection with the approval, the Board noted that it oversees on a continuous basis and evaluates at its quarterly meetings, directly and through the committees of the Board, the nature and quality of significant services provided by the Advisor, the investment performance of the Fund, shareholder services, audit and compliance functions and a variety of other matters relating to the Fund’s operations.

In evaluating the Interim Management Agreement, the Board, assisted by the advice of its independent legal counsel, considered a number of factors in addition to those required by the rule with no one factor being determinative to its analysis. Among the factors considered by the Board were the circumstances and effect of the change of control, the fact that the Advisor will provide the same services and receive the same compensation rate as under the Prior Management Agreement, and that the change of control did not result in a change of the personnel managing the Fund. Upon completion of its analysis, the Board approved the Interim Management Agreement, determining that the continued management of the Fund by the Advisor was in the best interests of the Fund and Fund shareholders.

Basis for Board Approval of Current Management Agreement

At a meeting held on April 1, 2010, after considering all information presented, the Board approved, and determined to recommend that shareholders approve, the Current Management Agreement. In connection with that approval, the Board requested and reviewed extensive data and information compiled by the Advisor and certain independent providers of evaluation data concerning the Fund and services provided to the Fund by the Advisor. The Board oversees on a continuous basis and evaluates at its quarterly meetings, directly and through the committees of the Board, the nature and quality of significant services provided by the Advisor, the investment performance of the Fund, shareholder services, audit and compliance functions and a variety of other matters relating to the Fund’s operations. The information considered and the discussions held at the meetings included, but were not limited to:

• the nature, extent and quality of investment management, shareholder services and other services provided to the Fund;

• the wide range of programs and services the Advisor provides to the Fund and its shareholders on a routine and non-routine basis;

• the compliance policies, procedures, and regulatory experience of the Advisor;

• data comparing the cost of owning the Fund to the cost of owning similar funds;

• the fact that there will be no changes to the fees, services, or personnel who provide such services as compared to the Prior Management Agreement;

• data comparing the Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;

• financial data showing the profitability of the Fund to the Advisor and the overall profitability of the Advisor;

• data comparing services provided and charges to the Fund with those for other non-fund investment management clients of the Advisor; and

• consideration of collateral or “fall-out” benefits derived by the Advisor from the management of the Fund and potential sharing of economies of scale in connection with the management of the Fund.

The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In particular, the Board recognized that shareholders may have invested in the Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.

The Board considered all of the information provided by the Advisor, the independent data providers, and the Board’s independent legal counsel, and evaluated such information for the Fund. The Board did not identify any single factor as being all-important or controlling, and each Board member may have attributed different levels of importance to different factors. In deciding to approve the Current Management Agreement under the terms ultimately determined by the Board to be appropriate, the Board based its decision on a number of factors, including the following:

Nature, Extent and Quality of Services — Generally. Under the Current Management Agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that under the Current Management Agreement, the Advisor provides or arranges at its own expense a wide variety of services including:

• constructing and designing the Fund

• portfolio research and security selection

• initial capitalization/funding

• securities trading

• Fund administration

• custody of Fund assets

• daily valuation of the Fund’s portfolio

• shareholder servicing and transfer agency, including shareholder
confirmations, recordkeeping and communications

• legal services

• regulatory and portfolio compliance

• financial reporting

• marketing and distribution

The Board noted that many of these services have expanded over time both in terms of quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels and the changing regulatory environment.

Investment Management Services. The investment management services provided to the Fund are complex and provide Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes, and liquidity. As a part of its general oversight and in evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and approved strategies. In providing these services, the Advisor utilizes teams of investment professionals who require extensive information technology, research, training, compliance and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, t ogether with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. If performance concerns are identified, the underperforming Fund receives special reviews until performance improves, during which time the Board discusses with the Advisor the reasons for such underperformance and any efforts being undertaken to improve performance.

Shareholder and Other Services. Under the Current Management Agreement, the Advisor will also provide the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through the various committees of the Board, regularly reviews reports and evaluations of such services. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction (as measured by external as well as internal sources), technology support, new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. Certain aspects of shareholder and transfer age ncy service level efficiency and the quality of securities trading activities are measured by independent third party providers and are presented in comparison to other fund groups not managed by the Advisor.

Costs of Services Provided and Profitability. The Advisor provided detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund, its overall profitability, and its financial condition. The Board reviewed with the Advisor the methodology used to prepare this financial information. The Board has also reviewed with the Advisor its methodology for compensating the investment professionals that provide services to the Fund as well as compensation to the five highest paid personnel of the Advisor. This financial information regarding the Advisor is considered in order to evaluate the Advisor’s financial condition, its ability to continue to provide services under the Current Management Agreement, and the reasonableness of the current management fees.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to shareholders and to conducting its business ethically. It noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The analysis of economies of scale is further complicated by the additional services and content provided by the Advisor and its reinvestment in its ability to provide and expand those services. Accordingly, the Board seeks to evaluate economies of scale by reviewing information, such as year-over-year profitability of the Advisor generally, the profitability of its management of the Fund specifically, and the expenses incurred by the Advisor in providing various functions to the Fund. The Board believes the Advisor i s appropriately sharing economies of scale through its competitive fee structure, offering competitive fees from fund inception, fee breakpoints as the fund complex and the Fund increases in size, and through reinvestment in its business to provide shareholders additional services and enhancements to existing services. In particular, separate breakpoint schedules based on the size of the entire fund complex and on the size of the Fund reflect the complexity of assessing economies of scale.

Comparison to Fees of Funds not Managed by the Advisor. Both the Prior and Current Management Agreements provide that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, taxes, interest, extraordinary expenses, and the fees and expenses of the Fund’s Independent Directors (including their independent legal counsel) and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties that provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, the components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Fund’s unified fee to the total expense rat ios of similar funds not managed by the Advisor. The

Board concluded that the management fee to be paid by the Fund to the Advisor under the Current Management Agreement is reasonable in light of the services to be provided to the Fund.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature and extent of the services, fees, and profitability of its advisory services to advisory clients other than the Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. The Board concluded that the Advisor’s primary business is managing mutual funds and it generally does not use Fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor receives proprietary research from broker-dealers that execute Fund portfolio transactions and concluded that this research is likely to benefit Fund shareholders. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded, however, that the assets of those other clients are not material to the analysis and, in any event, are included with the assets of the Fund to determine breakpoints in the Fund’s fee schedule, provided they are managed using the same investment team and strategy.

Conclusion of the Board. As a result of this process, the Board, in the absence of particular circumstances and assisted by the advice of its independent legal counsel, taking into account all of the factors discussed above and the information provided by the Advisor and others, concluded that the Current Management Agreement be approved and recommended its approval to Fund shareholders.

Additional Information

Retirement Account Information

As required by law, distributions you receive from certain IRAs, or 403(b), 457 and qualified plans are subject to federal income tax withholding, unless you elect not to have withholding apply. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. You have the right to revoke your withholding election at any time and any election you make may remain in effect until revoked by filing a new election.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld. State taxes will be withheld from your distribution in accordance with the respective state rules.

Proxy Voting Guidelines

American Century Investment Management, Inc., the fund’s investment advisor, is responsible for exercising the voting rights associated with the securities purchased and/or held by the fund. A description of the policies and procedures the advisor uses in fulfilling this responsibility is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments’ website at americancentury.com and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the “About Us” page at americancentury.com. It is also available at sec.gov.

Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.

Index Definitions

The following indices are used to illustrate investment market, sector, or style performance or to serve as fund performance comparisons. They are not investment products available for purchase.

The Lipper Utility Fund Index tracks the performance of the 10 largest funds in Lipper Inc.’s utilities fund category. Each fund in the category is at least 65% invested in utilities stocks.

The Nasdaq Composite Index is a market value-weighted index of all domestic and international common stocks listed on the Nasdaq stock market.

The Russell 1000^®Index is a market-capitalization weighted, large-cap index created by Frank Russell Company to measure the performance of the 1,000 largest publicly traded U.S. companies, based on total market capitalization.

The Russell 1000^®Growth Index measures the performance of those Russell 1000 Index companies (the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with higher price-to-book ratios and higher forecasted growth values.

The Russell 1000^®Value Index measures the performance of those Russell 1000 Index companies (the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values.

The Russell 2000^®Index is a market-capitalization weighted index created by Frank Russell Company to measure the performance of the 2,000 smallest of the 3,000 largest publicly traded U.S. companies, based on total market capitalization.

The Russell 2000^®Growth Index measures the performance of those Russell 2000 Index companies (the 2,000 smallest of the 3,000 largest publicly traded U.S. companies, based on total market capitalization) with higher price-to-book ratios and higher forecasted growth values.

The Russell 2000^®Value Index measures the performance of those Russell 2000 Index companies (the 2,000 smallest of the 3,000 largest publicly traded U.S. companies, based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values.

The Russell 3000^®Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The Russell 3000^®Utilities Index, a sub-index of the Russell 3000 Index, is a capitalization weighted index of companies in industries heavily affected by government regulation, including among others, basic public service providers (electricity, gas and water), telecommunication services, and oil and gas companies.

The Russell Midcap^®Index measures the performance of the 800 smallest of the 1,000 largest publicly traded U.S. companies, based on total market capitalization.

The Russell Midcap^®Growth Index measures the performance of those Russell Midcap Index companies (the 800 smallest of the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with higher price-to-book ratios and higher forecasted growth values.

The Russell Midcap^®Value Index measures the performance of those Russell Midcap Index companies (the 800 smallest of the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values.

The S&P 500 Index is a market value-weighted index of the stocks of 500 publicly traded U.S. companies chosen for market size, liquidity, and industry group representation that are considered to be leading firms in dominant industries. Each stock’s weight in the index is proportionate to its market value. Created by Standard & Poor’s, it is considered to be a broad measure of U.S. stock market performance.



Contact Us
americancentury.com
Automated Information Line	1-800-345-8765
Investor Services Representative	1-800-345-2021 or
	816-531-5575
Investors Using Advisors	1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored
Retirement Plans	1-800-345-3533
Banks and Trust Companies, Broker-Dealers,
Financial Professionals, Insurance Companies	1-800-345-6488
Telecommunications Device for the Deaf	1-800-634-4113
American Century Quantitative Equity Funds, Inc.
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri

This report and the statements it contains are submitted for the general
information of our shareholders. The report is not authorized for distribution to
prospective investors unless preceded or accompanied by an effective prospectus.

American Century Investment Services, Inc., Distributor

©2010 American Century Proprietary Holdings, Inc. All rights reserved.

1008
CL-ANN-69046

Annual Report

June 30, 2010

American Century Investments^®

Long-Short Market Neutral Fund

Table of Contents


President’s Letter	2
Market Perspective	3
U.S. Stock Index Returns	3

Long-Short Market Neutral

Performance	4
Portfolio Commentary	6
Top Ten Long Holdings	8
Top Ten Short Holdings.	8
Types of Investments in Portfolio	8

Shareholder Fee Example	9

Financial Statements

Schedule of Investments	11
Statement of Assets and Liabilities	20
Statement of Operations	21
Statement of Changes in Net Assets	22
Notes to Financial Statements	23
Financial Highlights	29
Report of Independent Registered Public Accounting Firm	35

Other Information

Proxy Voting Results	36
Management	37
Board Approval of Management Agreements	41
Additional Information	47
Index Definitions	48

President’s Letter

Dear Investor:

Sincerely,

Jonathan Thomas
President and Chief Executive Officer
American Century Investments

Market Perspective

By Scott Wittman, Chief Investment Officer, Quantitative Equity and Asset Allocation

Stocks Rallied as Economy Improved

Growing Uncertainty Led to Late Decline


U.S. Stock Index Returns
For the 12 months ended June 30, 2010
Russell 1000 Index (Large-Cap)	15.24%	Russell 2000 Index (Small-Cap)	21.48%
Russell 1000 Value Index	16.92%	Russell 2000 Value Index	25.07%
Russell 1000 Growth Index	13.62%	Russell 2000 Growth Index	17.96%
Russell Midcap Index	25.13%
Russell Midcap Value Index	28.91%
Russell Midcap Growth Index	21.30%

Performance


Long-Short Market Neutral

Total Returns as of June 30, 2010
			Average
			Annual Returns
	Ticker		Since	Inception
	Symbol	1 year	Inception	Date
Investor Class	ALHIX	-0.10%	0.59%	9/30/05
Barclays Capital U.S.
1–3 Month Treasury Bill Index⁽¹⁾	—	0.12%	2.60%	—
Citigroup 3-Month
Treasury Bill Index	—	0.12%	2.60%	—
Institutional Class	ALISX	0.10%	0.80%	9/30/05
A Class	ALIAX			9/30/05
No sales charge*		-0.30%	0.36%
With sales charge*		-6.05%	-0.88%
B Class	ALIBX			9/30/05
No sales charge*		-1.02%	-0.40%
With sales charge*		-5.02%	-0.83%
C Class	ALICX	-1.13%	-0.42%	9/30/05
R Class	ALIRX	-0.51%	0.09%	9/30/05
*Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a
5.75% maximum initial sales charge for equity funds and may be subject to a maximum CDSC of 1.00%. B Class shares redeemed
within six years of purchase are subject to a CDSC that declines from 5.00% during the first year after purchase to 0.00% the sixth year
after purchase. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires
that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.
(1) In January 2010, the fund’s benchmark changed from the Citigroup 3-Month Treasury Bill Index to the Barclays Capital U.S. 1–3 Month Treasury
Bill Index. This reflects a change in the portfolio management analytics software used by American Century Investments’ fixed-income teams.
The investment process is unchanged.

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the indices are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the indices do not.

Long-Short Market Neutral


*From 9/30/05, the Investor Class’s inception date. Not annualized.

Total Annual Fund Operating Expenses
	Institutional
Investor Class	Class	A Class	B Class	C Class	R Class
3.34%	3.14%	3.59%	4.34%	4.34%	3.84%

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the indices are provided for comparison. The fund’s tot al returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the indices do not.

Portfolio Commentary

Long-Short Market Neutral

Portfolio Managers: Kurt Borgwardt, Claudia Musat, and Zili Zhang

Performance Summary

Long-Short Market Neutral returned –0.10%* for the 12 months ended June 30, 2010, compared with the 0.12% return of its benchmark, the Barclays Capital U.S. 1–3 Month Treasury Bill Index, and the 15.24%** return of the Russell 1000 Index, a broad stock market measure.

Long-Short Market Neutral is designed to generate positive returns in all market environments, regardless of general stock market performance, so the fund uses a riskless asset—Barclays Capital U.S. 1–3 Month Treasury Bill Index—as its benchmark. For the 12-month period, the fund and the benchmark index were roughly flat overall, with the fund posting a fractionally negative return and the benchmark producing a very modest gain. Strong results in the portfolio’s long positions were offset by underperfor-mance on the short side of the portfolio.

Long Positions Performed Well

The fund’s long positions gained more than 20% for the 12-month period. The more economically sensitive sectors of the portfolio—including consumer discretionary, energy, industrials, and materials—contributed the most to performance in the long portion as economic conditions generally improved during the period.

The best individual performance contributor among long positions was a consumer discretionary stock, online movie rental firm Netflix. The company enjoyed strong subscriber growth and generated better-than-expected earnings amid increased customer usage of streaming video. Other top contributors from the consumer discretionary sector included outdoor apparel maker Columbia Sportswear, which consistently exceeded earnings expectations as retail spending improved, and auto parts maker TRW Automotive, which rallied as a recovery in auto sales led to a sharp increase in demand for its products.

The portfolio’s energy and industrials holdings were also meaningful contributors to performance on the long side. The leading contributors in the energy sector were coal producer Alpha Natural Resources, which enjoyed increased demand for metallurgical coal used in steelmaking, and energy exploration and production company Clayton Williams Energy, which benefited from its price-hedging strategies and an increase in oil production. Among industrials stocks, machinery manufacturer Gardner Denver and automotive equipment maker WABCO Holdings were both beneficiaries of the improving economic environment.

Other long positions that added value during the 12-month period included mortgage insurer MGIC Investment and software maker Sybase. MGIC saw a marked decrease in mortgage delinquencies, while Sybase agreed to a takeover by competitor SAP.

* All fund returns referenced in this commentary are for Investor Class shares.

**The Russell 1000 Index returned -1.39% for the period from the fund’s inception on September 30, 2005, through June 30, 2010.

Long-Short Market Neutral

The weaker-performing holdings in the long segment of the portfolio came primarily from the financials and information technology sectors. Notable examples from these sectors included commercial bank Flagstar Bancorp, which reported a series of losses resulting from elevated provisions for problem loans, and communications equipment manufacturer Arris Group, which struggled with growing industry competition. The most significant decliner in the long portfolio was for-profit education firm Corinthian Colleges, which was adversely affected by growing debt issues among students at private educational institutions, as well as the potential for more stringent regulatory requirements.

Short Positions Underperformed

Given the broad rally in the stock market, the fund’s short positions declined overall for the 12-month period. The biggest detractors in the short portion of the portfolio came from sectors tied to the economic recovery, such as consumer discretionary and industrials.

Railroad operator Kansas City Southern and management consulting firm Corporate Executive Board were the worst-performing short positions in the industrials sector. Better economic conditions and merger activity in the railroad industry boosted Kansas City Southern, while Corporate Executive Board repeatedly exceeded earnings estimates through effective cost management.

In the consumer discretionary sector, the biggest detractor among short positions was art auctioneer Sotheby’s, which rallied sharply amid signs that the global art market is beginning to recover. Clothing maker Hanes-brands was another detractor on the short side, advancing as the company reduced debt and delivered strong earnings growth.

On the positive side, short positions in the information technology and telecommunication services sectors added the most value during the period. Discount wireless services provider Leap Wireless International was among the top contributors among short positions. Deteriorating subscriber growth led to disappointing earnings, and merger talks with competitor MetroPCS Communications stalled. In the information technology sector, the best short position was semiconductor equipment manufacturer Form-factor, which reported a string of losses and declining market share that led to a management shake-up at the company.

The top-performing short position in the portfolio was Orient-Express Hotels, which owns and operates luxury hotels primarily in Europe. Sovereign debt issues in Greece and elsewhere in Europe weighed on economic activity, leading to lower occupancy rates at the company’s properties.

A Look Ahead

The market environment has grown increasingly choppy in recent months, reflecting greater uncertainty about the resilience of the economic recovery. Although most businesses weathered the 2008 recession relatively well, stubbornly high unemployment suggests that the corporate sector is not yet confident enough in the strength of the recovery to expand payrolls. This economic uncertainty—and the stock market volatility that often accompanies it—is likely to continue as we move into the second half of 2010.


Long-Short Market Neutral

Top Ten Long Holdings
	% of net assets as of 6/30/10
Syniverse Holdings, Inc.	0.83%
World Fuel Services Corp.	0.83%
Complete Production Services, Inc.	0.82%
STERIS Corp.	0.82%
Endurance Specialty Holdings Ltd.	0.80%
Sonoco Products Co.	0.80%
United States Cellular Corp.	0.80%
Broadcom Corp., Class A	0.79%
American Financial Group, Inc.	0.79%
Arris Group, Inc.	0.77%

Top Ten Short Holdings
	% of net assets as of 6/30/10
Vector Group Ltd.	(0.78)%
Mercury General Corp.	(0.78)%
O’Reilly Automotive, Inc.	(0.77)%
Sigma-Aldrich Corp.	(0.77)%
Steelcase, Inc., Class A	(0.76)%
Clearwire Corp., Class A	(0.76)%
PACCAR, Inc.	(0.76)%
Holly Corp.	(0.76)%
Cavium Networks, Inc.	(0.76)%
Covance, Inc.	(0.76)%

Types of Investments in Portfolio
	% of net assets as of 6/30/10
Common Stocks	90.1%
Securities Sold Short	(89.4)%
Temporary Cash Investments	1.1%

Shareholder Fee Example (Unaudited)

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from January 1, 2010 to June 30, 2010.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*	Annualized
	1/1/10	6/30/10	1/1/10 – 6/30/10	Expense Ratio*
Actual
Investor Class	$1,000	$1,012.10	$14.82	2.97%
Institutional Class	$1,000	$1,013.10	$13.83	2.77%
A Class	$1,000	$1,011.20	$16.06	3.22%
B Class	$1,000	$1,007.30	$19.76	3.97%
C Class	$1,000	$1,006.30	$19.75	3.97%
R Class	$1,000	$1,009.20	$17.29	3.47%
Hypothetical
Investor Class	$1,000	$1,010.07	$14.80	2.97%
Institutional Class	$1,000	$1,011.06	$13.81	2.77%
A Class	$1,000	$1,008.83	$16.04	3.22%
B Class	$1,000	$1,005.11	$19.74	3.97%
C Class	$1,000	$1,005.11	$19.74	3.97%
R Class	$1,000	$1,007.59	$17.27	3.47%
*Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period,
multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period.

Schedule of Investments


Long-Short Market Neutral

JUNE 30, 2010
	Shares	Value		Shares	Value
Common Stocks⁽¹⁾— 90.1%			optionsXpress
			Holdings, Inc.⁽²⁾	15,740	$ 247,748
AEROSPACE & DEFENSE — 1.1%			SEI Investments Co.	43,414	883,909
L-3 Communications					2,956,037
Holdings, Inc.	1,418	$ 100,451
Northrop Grumman Corp.	15,607	849,645	CHEMICALS — 4.2%
Raytheon Co.	5,312	257,048	Ashland, Inc.	13,312	617,943
		1,207,144	Huntsman Corp.	73,452	636,829
AIR FREIGHT & LOGISTICS — 0.8%			Lubrizol Corp.	9,551	767,041
Atlas Air Worldwide			Minerals Technologies, Inc.	12,594	598,719
Holdings, Inc.⁽²⁾	16,224	770,640	OM Group, Inc.⁽²⁾	16,150	385,339
UTi Worldwide, Inc.	13,920	172,330	PolyOne Corp.⁽²⁾	5,213	43,893
		942,970	PPG Industries, Inc.	2,159	130,425
AIRLINES — 0.3%			Scotts Miracle-Gro Co.
Allegiant Travel Co.	8,353	356,590	(The), Class A	13,194	585,946
AUTO COMPONENTS — 1.5%			Sherwin-Williams Co. (The)	5,868	406,007
Cooper Tire & Rubber Co.	44,469	867,145	Valspar Corp.	20,512	617,821
TRW Automotive					4,789,963
Holdings Corp.⁽²⁾	31,061	856,352	COMMERCIAL BANKS — 0.4%
		1,723,497	Toronto-Dominion Bank
AUTOMOBILES — 0.3%			(The)	7,694	499,418
Ford Motor Co.⁽²⁾	36,631	369,240	COMMERCIAL SERVICES & SUPPLIES — 0.9%
BEVERAGES — 0.6%			M&F Worldwide Corp.⁽²⁾	8,226	222,925
Dr Pepper Snapple			Waste Management, Inc.	24,823	776,711
Group, Inc.	18,746	700,913			999,636
BIOTECHNOLOGY — 2.3%			COMMUNICATIONS EQUIPMENT — 1.7%
Amgen, Inc.⁽²⁾	5,332	280,463	Arris Group, Inc.⁽²⁾	86,845	884,951
Biogen Idec, Inc.⁽²⁾	5,878	278,911	InterDigital, Inc.⁽²⁾	11,086	273,713
Cephalon, Inc.⁽²⁾	5,078	288,177	Tellabs, Inc.	129,783	829,313
Cubist					1,987,977
Pharmaceuticals, Inc.⁽²⁾	13,707	282,364	COMPUTERS & PERIPHERALS — 2.6%
Emergent			Lexmark International, Inc.,
Biosolutions, Inc.⁽²⁾	18,689	305,378	Class A⁽²⁾	23,791	785,817
Incyte Corp. Ltd.⁽²⁾	22,694	251,223	Seagate Technology⁽²⁾	35,273	459,960
Martek Biosciences Corp.⁽²⁾	13,144	311,645	Teradata Corp.⁽²⁾	28,382	865,083
Medivation, Inc.⁽²⁾	26,823	237,115	Western Digital Corp.⁽²⁾	27,026	815,104
PDL BioPharma, Inc.	44,828	251,933			2,925,964
Talecris Biotherapeutics			CONSTRUCTION & ENGINEERING — 1.1%
Holdings Corp.⁽²⁾	8,778	185,216
			EMCOR Group, Inc.⁽²⁾	22,267	515,926
		2,672,425	URS Corp.⁽²⁾	19,528	768,427
CAPITAL MARKETS — 2.6%					1,284,353
Apollo Investment Corp.	23,371	218,051	CONSUMER FINANCE — 1.2%
GFI Group, Inc.	121,545	678,221	AmeriCredit Corp.⁽²⁾	31,068	566,059
Investment Technology
Group, Inc.⁽²⁾	19,494	313,074	Cash America
			International, Inc.	23,158	793,625
Legg Mason, Inc.	21,942	615,034			1,359,684


Long-Short Market Neutral

	Shares	Value		Shares	Value
CONTAINERS & PACKAGING — 1.9%			Noble Corp.⁽²⁾	6,142	$ 189,849
Owens-Illinois, Inc.⁽²⁾	12,797	$ 338,481	Tetra Technologies, Inc.⁽²⁾	52,754	479,006
Rock-Tenn Co., Class A	11,607	576,520			2,694,532
Sealed Air Corp.	15,891	313,371	FOOD & STAPLES RETAILING — 0.3%
Sonoco Products Co.	30,102	917,508	SUPERVALU, INC.	31,193	338,132
		2,145,880	FOOD PRODUCTS — 2.9%
DIVERSIFIED CONSUMER SERVICES — 0.5%			Corn Products
Career Education Corp.⁽²⁾	2,900	66,758	International, Inc.	21,254	643,996
Corinthian Colleges, Inc.⁽²⁾	48,987	482,522	Darling International, Inc.⁽²⁾	48,086	361,126
		549,280	Del Monte Foods Co.	58,887	847,385
DIVERSIFIED FINANCIAL SERVICES — 0.8%			Fresh Del Monte
			Produce, Inc.⁽²⁾	5,755	116,481
Bank of America Corp.	11,224	161,289
PHH Corp.⁽²⁾	39,387	749,928	H.J. Heinz Co.	3,902	168,644
			TreeHouse Foods, Inc.⁽²⁾	11,772	537,510
		911,217
DIVERSIFIED TELECOMMUNICATION			Tyson Foods, Inc., Class A	42,973	704,327
SERVICES — 0.9%					3,379,469
IDT Corp., Class B⁽²⁾	49,793	634,861	GAS UTILITIES — 0.9%
Qwest Communications			Nicor, Inc.	9,943	402,692
International, Inc.	77,400	406,350	UGI Corp.	25,740	654,825
		1,041,211			1,057,517
ELECTRIC UTILITIES — 0.9%			HEALTH CARE EQUIPMENT & SUPPLIES — 3.0%
DPL, Inc.	24,102	576,039	American Medical Systems
Entergy Corp.	1,628	116,597	Holdings, Inc.⁽²⁾	27,122	599,938
Exelon Corp.	7,751	294,305	Beckman Coulter, Inc.	6,013	362,524
FirstEnergy Corp.	2,378	83,777	Becton, Dickinson & Co.	2,332	157,690
		1,070,718	C.R. Bard, Inc.	2,687	208,323
ELECTRICAL EQUIPMENT — 0.9%			Hill-Rom Holdings, Inc.	13,667	415,887
Brady Corp., Class A	24,782	617,567	Hologic, Inc.⁽²⁾	19,486	271,440
EnerSys⁽²⁾	3,446	73,641	Hospira, Inc.⁽²⁾	3,459	198,720
Hubbell, Inc., Class B	5,281	209,603	Kinetic Concepts, Inc.⁽²⁾	5,813	212,233
Thomas & Betts Corp.⁽²⁾	5,314	184,396	Sirona Dental
			Systems, Inc.⁽²⁾	2,313	80,585
		1,085,207
ELECTRONIC EQUIPMENT,			STERIS Corp.	30,285	941,257
INSTRUMENTS & COMPONENTS — 1.4%					3,448,597
Benchmark			HEALTH CARE PROVIDERS & SERVICES — 1.2%
Electronics, Inc.⁽²⁾	4,328	68,599	Centene Corp.⁽²⁾	22,697	487,985
Celestica, Inc.⁽²⁾	98,788	796,231	Coventry Health Care, Inc.⁽²⁾	7,619	134,704
Flextronics			Health Net, Inc.⁽²⁾	13,245	322,781
International Ltd.⁽²⁾	12,527	70,151
			Humana, Inc.⁽²⁾	2,810	128,333
Vishay			Omnicare, Inc.	14,711	348,650
Intertechnology, Inc.⁽²⁾	81,555	631,236
		1,566,217			1,422,453
ENERGY EQUIPMENT & SERVICES — 2.4%			HOTELS, RESTAURANTS & LEISURE — 2.2%
Basic Energy			Cheesecake Factory, Inc.
			(The)⁽²⁾	28,350	631,071
Services, Inc.⁽²⁾	34,965	269,231
			Hyatt Hotels Corp., Class A⁽²⁾	6,431	238,526
Complete Production
Services, Inc.⁽²⁾	65,874	941,998	PF Chang’s China Bistro, Inc.	18,563	736,023
National Oilwell Varco, Inc.	24,628	814,448	Starbucks Corp.	25,618	622,517


Long-Short Market Neutral

	Shares	Value		Shares	Value
Starwood Hotels & Resorts			IT SERVICES — 2.0%
Worldwide, Inc.	7,855	$ 325,433	Accenture plc, Class A	4,377	$ 169,171
		2,553,570	Acxiom Corp.⁽²⁾	40,635	596,928
HOUSEHOLD DURABLES — 1.1%			Computer Sciences Corp.	8,352	377,928
American Greetings Corp.,			International Business
Class A	5,364	100,629	Machines Corp.	3,597	444,158
D.R. Horton, Inc.	13,041	128,193	TeleTech Holdings, Inc.⁽²⁾	33,487	431,647
Garmin Ltd.	14,304	417,391	Western Union Co. (The)	18,369	273,882
Harman International					2,293,714
Industries, Inc.⁽²⁾	16,800	502,151
Ryland Group, Inc.	9,585	151,635	LEISURE EQUIPMENT & PRODUCTS — 0.7%
		1,299,999	Polaris Industries, Inc.	14,067	768,340
INDEPENDENT POWER			LIFE SCIENCES TOOLS & SERVICES — 0.9%
PRODUCERS & ENERGY TRADERS — 1.7%			Bruker Corp.⁽²⁾	68,138	828,558
Calpine Corp.⁽²⁾	26,777	340,603	PerkinElmer, Inc.	12,539	259,181
Constellation Energy					1,087,739
Group, Inc.	23,134	746,072	MACHINERY — 5.1%
NRG Energy, Inc.⁽²⁾	39,350	834,613	AGCO Corp.⁽²⁾	5,885	158,718
		1,921,288	Cummins, Inc.	13,076	851,640
INDUSTRIAL CONGLOMERATES — 0.9%			Dover Corp.	19,423	811,687
Carlisle Cos., Inc.	23,987	866,650	Gardner Denver, Inc.	11,302	503,956
Seaboard Corp.	116	175,160	Mueller Industries, Inc.	19,799	487,055
		1,041,810	Navistar
INSURANCE — 4.9%			International Corp.⁽²⁾	6,248	307,402
Allied World Assurance Co.			Oshkosh Corp.⁽²⁾	22,264	693,746
Holdings Ltd.	15,430	700,213	Parker-Hannifin Corp.	14,893	825,966
American Financial			Timken Co.	9,859	256,235
Group, Inc.	33,246	908,281	Wabtec Corp.	9,222	367,866
Axis Capital Holdings Ltd.	25,193	748,736	Watts Water
Endurance Specialty			Technologies, Inc., Class A	14,907	427,235
Holdings Ltd.	24,503	919,598			5,691,506
Horace Mann			MARINE — 0.5%
Educators Corp.	31,900	488,070
			Kirby Corp.⁽²⁾	16,076	614,907
Navigators Group, Inc.
(The)⁽²⁾	1,849	76,049	MEDIA — 3.1%
Platinum Underwriters			CBS Corp., Class B	29,871	386,232
Holdings Ltd.	9,233	335,066	Cinemark Holdings, Inc.	15,752	207,139
Principal Financial			Comcast Corp., Class A	35,892	623,444
Group, Inc.	28,513	668,345	DISH Network Corp., Class A	17,097	310,311
Travelers Cos., Inc. (The)	13,613	670,440	Gannett Co., Inc.	18,334	246,776
		5,514,798	Harte-Hanks, Inc.	22,861	238,897
INTERNET & CATALOG RETAIL — 1.0%			Interpublic Group
HSN, Inc.⁽²⁾	13,580	325,920	of Cos., Inc. (The)⁽²⁾	56,552	403,216
Netflix, Inc.⁽²⁾	7,767	843,885	McGraw-Hill Cos., Inc. (The)	12,243	344,518
		1,169,805	Time Warner, Inc.	29,219	844,721
INTERNET SOFTWARE & SERVICES — 0.3%					3,605,254
AOL, Inc.⁽²⁾	3,364	69,938	METALS & MINING — 1.8%
EarthLink, Inc.	20,397	162,359	Golden Star
			Resources Ltd.⁽²⁾	66,334	290,543
IAC/InterActiveCorp⁽²⁾	7,073	155,394
			Hecla Mining Co.⁽²⁾	131,154	684,624
		387,691


Long-Short Market Neutral

	Shares	Value		Shares	Value
Reliance Steel &			King Pharmaceuticals, Inc.⁽²⁾	12,927	$ 98,116
Aluminum Co.	18,021	$ 651,459	ViroPharma, Inc.⁽²⁾	24,978	280,003
Schnitzer Steel					1,195,955
Industries, Inc., Class A	6,156	241,315
			REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.6%
Titanium Metals Corp.⁽²⁾	8,546	150,324
			Apartment Investment &
		2,018,265	Management Co., Class A	28,248	547,164
MULTILINE RETAIL — 1.2%			CBL & Associates
Big Lots, Inc.⁽²⁾	9,897	317,595	Properties, Inc.	27,819	346,068
Family Dollar Stores, Inc.	14,040	529,167	Hospitality Properties Trust	19,167	404,424
Macy’s, Inc.	24,754	443,097	Mack-Cali Realty Corp.	16,397	487,483
Sears Holdings Corp.⁽²⁾	1,759	113,719			1,785,139
		1,403,578	ROAD & RAIL — 1.1%
MULTI-UTILITIES — 0.7%			Dollar Thrifty Automotive
DTE Energy Co.	3,613	164,789	Group, Inc.⁽²⁾	9,868	420,475
NSTAR	17,988	629,580	Werner Enterprises, Inc.	40,420	884,794
Xcel Energy, Inc.	2,771	57,110			1,305,269
		851,479	SEMICONDUCTORS &
			SEMICONDUCTOR EQUIPMENT — 4.2%
OFFICE ELECTRONICS — 0.1%
			Advanced Micro
Xerox Corp.	14,128	113,589	Devices, Inc.⁽²⁾	27,194	199,060
OIL, GAS & CONSUMABLE FUELS — 5.1%			Amkor Technology, Inc.⁽²⁾	45,489	250,644
Anadarko Petroleum Corp.	15,603	563,112	Broadcom Corp., Class A	27,625	910,795
Bill Barrett Corp.⁽²⁾	9,944	305,977	Fairchild Semiconductor
Chevron Corp.	7,483	507,796	International, Inc.⁽²⁾	33,411	280,987
Cimarex Energy Co.	592	42,375	Integrated Device
ConocoPhillips	17,268	847,686	Technology, Inc.⁽²⁾	59,030	292,199
Hess Corp.	8,462	425,977	Intel Corp.	10,255	199,460
Murphy Oil Corp.	1,547	76,654	LSI Corp.⁽²⁾	181,888	836,685
Peabody Energy Corp.	4,751	185,907	Marvell Technology
			Group Ltd.⁽²⁾	33,592	529,410
Stone Energy Corp.⁽²⁾	56,098	626,054
W&T Offshore, Inc.	69,746	659,797	Micron Technology, Inc.⁽²⁾	68,658	582,906
Williams Cos., Inc. (The)	32,477	593,680	Teradyne, Inc.⁽²⁾	38,394	374,342
World Fuel Services Corp.	36,556	948,262	Texas Instruments, Inc.	13,184	306,924
		5,783,277			4,763,412
PAPER & FOREST PRODUCTS — 1.0%			SOFTWARE — 2.5%
Clearwater Paper Corp.⁽²⁾	9,621	526,847	Autodesk, Inc.⁽²⁾	17,608	428,931
International Paper Co.	17,399	393,739	CA, Inc.	21,215	390,356
MeadWestvaco Corp.	7,646	169,741	Microsoft Corp.	31,290	719,983
		1,090,327	Quest Software, Inc.⁽²⁾	47,938	864,801
PERSONAL PRODUCTS — 0.3%			Synopsys, Inc.⁽²⁾	22,740	474,584
Nu Skin Enterprises, Inc.,					2,878,655
Class A	12,662	315,664	SPECIALTY RETAIL — 1.8%
PHARMACEUTICALS — 1.0%			AutoZone, Inc.⁽²⁾	1,086	209,837
Eli Lilly & Co.	9,611	321,969	Foot Locker, Inc.	17,202	217,089
Endo Pharmaceuticals			Gap, Inc. (The)	41,776	812,961
Holdings, Inc.⁽²⁾	7,928	172,989
			Rent-A-Center, Inc.⁽²⁾	39,715	804,626
Forest Laboratories, Inc.⁽²⁾	11,771	322,878
					2,044,513


Long-Short Market Neutral

	Shares	Value		Shares	Value
TEXTILES, APPAREL & LUXURY GOODS — 0.4%			AIR FREIGHT & LOGISTICS — (0.6)%
Timberland Co. (The),			C.H. Robinson
Class A⁽²⁾	31,729	$ 512,423	Worldwide, Inc.	(11,922)	$ (663,579)
THRIFTS & MORTGAGE FINANCE — 0.5%			AIRLINES — (0.8)%
Flagstar Bancorp, Inc.⁽²⁾	182,370	572,642	AMR Corp.	(113,494)	(769,490)
TOBACCO — 0.1%			JetBlue Airways Corp.	(32,380)	(177,766)
Reynolds American, Inc.	3,027	157,767			(947,256)
TRADING COMPANIES & DISTRIBUTORS — 0.4%			AUTO COMPONENTS — (0.5)%
Applied Industrial			BorgWarner, Inc.	(2,660)	(99,324)
Technologies, Inc.	11,515	291,560	Magna International, Inc.,
WESCO International, Inc.⁽²⁾	3,448	116,094	Class A	(7,595)	(500,967)
		407,654			(600,291)
WIRELESS TELECOMMUNICATION SERVICES — 2.3%			AUTOMOBILES — (1.2)%
NTELOS Holdings Corp.	8,967	154,232	Harley-Davidson, Inc.	(33,198)	(737,992)
Sprint Nextel Corp.⁽²⁾	144,034	610,704	Winnebago Industries, Inc.	(59,929)	(595,694)
Syniverse Holdings, Inc.⁽²⁾	46,743	955,895			(1,333,686)
United States			BEVERAGES — (1.0)%
Cellular Corp.⁽²⁾	22,233	914,888	Coca-Cola Co. (The)	(8,054)	(403,666)
		2,635,719	PepsiCo, Inc.	(12,047)	(734,265)
TOTAL COMMON STOCKS					(1,137,931)
(Cost $86,855,590)		103,271,989	BIOTECHNOLOGY — (2.9)%
Temporary Cash Investments — 1.1%			Abraxis Bioscience, Inc.	(5,036)	(373,672)
JPMorgan U.S. Treasury			Acorda Therapeutics, Inc.	(8,902)	(276,941)
Plus Money Market Fund			Alexion
Agency Shares	39,068	39,068	Pharmaceuticals, Inc.	(1,793)	(91,784)
Repurchase Agreement, Bank of America			AMAG Pharmaceuticals, Inc.	(8,667)	(297,711)
Securities, LLC, (collateralized by various			Amylin Pharmaceuticals, Inc.	(15,004)	(282,075)
U.S. Treasury obligations, 1.125%, 6/30/11,
valued at $1,223,920), in a joint trading			BioMarin
account at 0.01%, dated 6/30/10, due			Pharmaceutical, Inc.	(3,192)	(60,520)
7/1/10 (Delivery value $1,200,000)		1,200,000	Dendreon Corp.	(7,515)	(242,960)
TOTAL TEMPORARY			Genzyme Corp.	(5,916)	(300,356)
CASH INVESTMENTS			Isis Pharmaceuticals, Inc.	(31,286)	(299,408)
(Cost $1,239,068)		1,239,068	Myriad
TOTAL INVESTMENT			Pharmaceuticals, Inc.	(15,233)	(57,276)
SECURITIES — 91.2%			Pharmasset, Inc.	(9,539)	(260,796)
(Cost $88,094,658)		104,511,057
TOTAL SECURITIES			Theravance, Inc.	(18,885)	(237,384)
SOLD SHORT — (89.4)%	(102,460,720)		United Therapeutics Corp.	(5,298)	(258,595)
OTHER ASSETS			Vertex Pharmaceuticals, Inc.	(8,409)	(276,656)
AND LIABILITIES — 98.2%		112,587,344			(3,316,134)
TOTAL NET ASSETS — 100.0%	$ 114,637,681		CAPITAL MARKETS — (1.6)%
Securities Sold Short — (89.4)%			Charles Schwab Corp. (The)	(10,733)	(152,194)
AEROSPACE & DEFENSE — (1.0)%			Greenhill & Co., Inc.	(6,418)	(392,332)
			Knight Capital Group, Inc.,
CAE, Inc.	(29,739)	(258,432)	Class A	(48,572)	(669,808)
Curtiss-Wright Corp.	(4,633)	(134,542)	State Street Corp.	(18,266)	(617,756)
Spirit Aerosystems			Teton Advisors, Inc., Class B	(35)	(14)
Holdings, Inc., Class A	(36,594)	(697,482)
		(1,090,456)			(1,832,104)


Long-Short Market Neutral

	Shares	Value		Shares	Value
CHEMICALS — (5.0)%			CONTAINERS & PACKAGING — (0.9)%
Air Products &			Bemis Co., Inc.	(18,685)	$ (504,495)
Chemicals, Inc.	(4,755)	$ (308,172)	Pactiv Corp.	(12,527)	(348,877)
Celanese Corp., Series A	(5,892)	(146,770)	Temple-Inland, Inc.	(8,201)	(169,515)
Ecolab, Inc.	(13,985)	(628,066)			(1,022,887)
H.B. Fuller Co.	(5,443)	(103,363)	DIVERSIFIED CONSUMER SERVICES — (1.4)%
Intrepid Potash, Inc.	(28,031)	(548,567)	American Public
Methanex Corp.	(34,130)	(672,020)	Education, Inc.	(12,041)	(526,192)
Mosaic Co. (The)	(4,505)	(175,605)	Coinstar, Inc.	(6,068)	(260,742)
NL Industries, Inc.	(37,424)	(228,286)	Strayer Education, Inc.	(3,716)	(772,519)
Olin Corp.	(34,147)	(617,719)			(1,559,453)
Potash Corp. of			DIVERSIFIED FINANCIAL SERVICES — (0.8)%
Saskatchewan, Inc.	(9,187)	(792,287)	Interactive Brokers
Praxair, Inc.	(6,843)	(520,000)	Group, Inc., Class A	(15,052)	(249,863)
Sigma-Aldrich Corp.	(17,607)	(877,356)	Leucadia National Corp.	(32,829)	(640,494)
Valhi, Inc.	(12,177)	(150,264)			(890,357)
		(5,768,475)	ELECTRIC UTILITIES — (1.4)%
COMMERCIAL SERVICES & SUPPLIES — (1.8)%			Allete, Inc.	(14,870)	(509,149)
Clean Harbors, Inc.	(3,735)	(248,041)	Cleco Corp.	(9,625)	(254,196)
Ritchie Bros.			Great Plains Energy, Inc.	(50,224)	(854,813)
Auctioneers, Inc.	(28,463)	(518,596)			(1,618,158)
Steelcase, Inc., Class A	(113,081)	(876,378)	ELECTRICAL EQUIPMENT — (0.5)%
Stericycle, Inc.	(6,998)	(458,929)	American
		(2,101,944)	Superconductor Corp.	(7,840)	(209,250)
COMMUNICATIONS EQUIPMENT — (2.3)%			Canadian Solar, Inc.	(14,830)	(145,037)
Ciena Corp.	(4,498)	(57,035)	First Solar, Inc.	(1,831)	(208,423)
Cisco Systems, Inc.	(33,284)	(709,282)			(562,710)
Comverse Technology, Inc.	(24,168)	(188,510)	ELECTRONIC EQUIPMENT,
EchoStar Corp., Class A	(13,049)	(248,975)	INSTRUMENTS & COMPONENTS — (1.8)%
Infinera Corp.	(102,313)	(657,873)	Amphenol Corp., Class A	(12,392)	(486,758)
Viasat, Inc.	(25,243)	(821,912)	Corning, Inc.	(42,852)	(692,059)
		(2,683,587)	FLIR Systems, Inc.	(4,546)	(132,243)
COMPUTERS & PERIPHERALS — (1.8)%			Ingram Micro, Inc., Class A	(38,104)	(578,800)
Diebold, Inc.	(7,969)	(217,155)	Itron, Inc.	(2,817)	(174,147)
Isilon Systems, Inc.	(22,821)	(293,022)			(2,064,007)
NCR Corp.	(53,872)	(652,928)	ENERGY EQUIPMENT & SERVICES — (1.6)%
NetApp, Inc.	(15,841)	(591,028)	Atwood Oceanics, Inc.	(1,399)	(35,702)
QLogic Corp.	(16,960)	(281,875)	Bristow Group, Inc.	(2,184)	(64,210)
		(2,036,008)	Dril-Quip, Inc.	(6,178)	(271,956)
CONSTRUCTION & ENGINEERING — (0.2)%			Global Industries Ltd.	(93,964)	(421,898)
Tutor Perini Corp.	(12,333)	(203,248)	Patterson-UTI Energy, Inc.	(8,525)	(109,717)
CONSTRUCTION MATERIALS — (0.1)%			Pride International, Inc.	(13,440)	(300,250)
Eagle Materials, Inc.	(5,868)	(152,157)	Weatherford
CONSUMER FINANCE — (0.8)%			International Ltd.	(44,663)	(586,871)
SLM Corp.	(80,207)	(833,351)			(1,790,604)
Student Loan Corp. (The)	(3,989)	(96,055)
		(929,406)


Long-Short Market Neutral

	Shares	Value		Shares	Value
FOOD & STAPLES RETAILING — (1.2)%			INDEPENDENT POWER PRODUCERS &
Costco Wholesale Corp.	(14,365)	$ (787,633)	ENERGY TRADERS — (0.8)%
Rite Aid Corp.	(642,732)	(629,877)	Ormat Technologies, Inc.	(29,057)	$ (822,023)
		(1,417,510)	TransAlta Corp.	(6,808)	(125,948)
FOOD PRODUCTS — (2.1)%					(947,971)
Bunge Ltd.	(13,987)	(688,021)	INDUSTRIAL CONGLOMERATES — (1.9)%
Green Mountain Coffee			General Electric Co.	(50,373)	(726,379)
Roasters, Inc.	(29,053)	(746,662)	McDermott
Hain Celestial Group, Inc.			International, Inc.	(36,496)	(790,503)
(The)	(28,965)	(584,224)	Otter Tail Corp.	(32,581)	(629,791)
Kraft Foods, Inc., Class A	(15,861)	(444,108)			(2,146,673)
		(2,463,015)	INSURANCE — (4.6)%
GAS UTILITIES — (0.7)%			Assured Guaranty Ltd.	(47,932)	(636,058)
Northwest Natural Gas Co.	(18,211)	(793,453)	Enstar Group Ltd.	(10,375)	(689,315)
HEALTH CARE EQUIPMENT & SUPPLIES — (2.5)%			Fairfax Financial
Inverness Medical			Holdings Ltd.	(2,314)	(857,823)
Innovations, Inc.	(5,050)	(134,633)	Genworth Financial, Inc.,
Meridian Bioscience, Inc.	(6,285)	(106,845)	Class A	(4,081)	(53,339)
NuVasive, Inc.	(23,407)	(830,012)	Hanover Insurance
Resmed, Inc.	(8,100)	(492,561)	Group, Inc. (The)	(14,782)	(643,017)
			Marsh &
Volcano Corp.	(39,412)	(859,970)	McLennan Cos., Inc.	(22,068)	(497,633)
West Pharmaceutical			MBIA, Inc.	(77,300)	(433,653)
Services, Inc.	(12,983)	(473,750)
		(2,897,771)	Mercury General Corp.	(21,447)	(888,763)
HEALTH CARE PROVIDERS & SERVICES — (0.8)%			Wesco Financial Corp.	(1,741)	(562,691)
DaVita, Inc.	(3,214)	(200,682)	XL Capital Ltd., Class A	(3,883)	(62,167)
Landauer, Inc.	(1,314)	(79,996)			(5,324,459)
VCA Antech, Inc.	(25,234)	(624,794)	INTERNET & CATALOG RETAIL — (0.2)%
		(905,472)	priceline.com, Inc.	(1,467)	(258,984)
HEALTH CARE TECHNOLOGY — (0.8)%			INTERNET SOFTWARE & SERVICES — (1.3)%
athenahealth, Inc.	(9,880)	(258,164)	Equinix, Inc.	(10,338)	(839,653)
Quality Systems, Inc.	(12,147)	(704,405)	WebMD Health Corp.	(11,712)	(543,788)
		(962,569)	Yahoo!, Inc.	(8,422)	(116,476)
HOTELS, RESTAURANTS & LEISURE — (3.1)%					(1,499,917)
Burger King Holdings, Inc.	(43,483)	(732,254)	IT SERVICES — (1.0)%
Carnival Corp.	(16,434)	(496,964)	Sapient Corp.	(26,064)	(264,289)
			SRA International, Inc.,
International			Class A	(35,002)	(688,489)
Speedway Corp., Class A	(17,660)	(454,922)
Jack in the Box, Inc.	(39,765)	(773,429)	Visa, Inc., Class A	(2,829)	(200,152)
Orient-Express Hotels Ltd.,			Wright Express Corp.	(1,363)	(40,481)
Class A	(70,464)	(521,434)			(1,193,411)
Royal Caribbean Cruises Ltd.	(16,769)	(381,830)	LIFE SCIENCES TOOLS & SERVICES — (1.1)%
Scientific Games Corp.,			Covance, Inc.	(16,921)	(868,386)
Class A	(15,322)	(140,962)	Luminex Corp.	(16,551)	(268,457)
		(3,501,795)	Pharmaceutical Product
HOUSEHOLD DURABLES — (0.2)%			Development, Inc.	(3,117)	(79,203)
Lennar Corp., Class A	(18,190)	(253,023)			(1,216,046)


Long-Short Market Neutral

	Shares	Value		Shares	Value
MACHINERY — (4.1)%			Enbridge, Inc.	(14,348)	$ (668,617)
Bucyrus International, Inc.	(3,971)	$ (188,424)	EOG Resources, Inc.	(1,867)	(183,657)
CLARCOR, Inc.	(23,021)	(817,706)	EQT Corp.	(21,553)	(778,924)
ESCO Technologies, Inc.	(4,715)	(121,411)	Holly Corp.	(32,695)	(869,032)
Federal Signal Corp.	(113,308)	(684,380)	Overseas Shipholding
Kaydon Corp.	(21,168)	(695,580)	Group, Inc.	(14,597)	(540,673)
Kennametal, Inc.	(9,457)	(240,492)	Petrohawk Energy Corp.	(39,183)	(664,936)
Middleby Corp.	(1,586)	(84,359)	Plains Exploration &
PACCAR, Inc.	(21,895)	(872,955)	Production Co.	(25,396)	(523,412)
Pall Corp.	(8,793)	(302,215)	Range Resources Corp.	(4,417)	(177,343)
Terex Corp.	(37,261)	(698,271)	Suncor Energy, Inc.	(26,345)	(775,597)
		(4,705,793)	Ultra Petroleum Corp.	(7,409)	(327,848)
MEDIA — (1.8)%					(7,478,067)
Morningstar, Inc.	(14,453)	(614,541)	PAPER & FOREST PRODUCTS — (0.7)%
News Corp., Class A	(51,105)	(611,216)	Weyerhaeuser Co.	(22,925)	(806,960)
Shaw Communications, Inc.,			PERSONAL PRODUCTS — (0.4)%
Class B	(10,356)	(186,719)	Avon Products, Inc.	(18,559)	(491,814)
Walt Disney Co. (The)	(19,364)	(609,966)	PHARMACEUTICALS — (1.2)%
		(2,022,442)	Auxilium
METALS & MINING — (2.3)%			Pharmaceuticals, Inc.	(13,368)	(314,148)
AK Steel Holding Corp.	(46,683)	(556,461)	Merck & Co., Inc.	(4,186)	(146,384)
Alcoa, Inc.	(13,994)	(140,780)	Salix Pharmaceuticals Ltd.	(10,026)	(391,315)
Allegheny Technologies, Inc.	(15,518)	(685,740)	VIVUS, Inc.	(57,028)	(547,469)
Coeur d’Alene Mines Corp.	(11,385)	(179,655)			(1,399,316)
Compass Minerals			PROFESSIONAL SERVICES — (1.0)%
International, Inc.	(447)	(31,415)	IHS, Inc., Class A	(6,185)	(361,328)
RTI International Metals, Inc.	(9,150)	(220,607)	Korn/Ferry International	(53,728)	(746,819)
Southern Copper Corp.	(2,610)	(69,269)			(1,108,147)
Steel Dynamics, Inc.	(6,072)	(80,090)	REAL ESTATE INVESTMENT TRUSTS (REITS) — (2.6)%
United States Steel Corp.	(16,003)	(616,916)	Alexander’s, Inc.	(598)	(181,146)
		(2,580,933)	BioMed Realty Trust, Inc.	(11,440)	(184,070)
MULTILINE RETAIL — (0.3)%			Digital Realty Trust, Inc.	(11,875)	(684,950)
Dollar General Corp.	(4,691)	(129,237)	Franklin Street
Saks, Inc.	(4,705)	(35,711)	Properties Corp.	(45,904)	(542,126)
Target Corp.	(3,913)	(192,402)	Healthcare Realty Trust, Inc.	(6,423)	(141,113)
		(357,350)	Rayonier, Inc.	(10,524)	(463,266)
MULTI-UTILITIES — (1.0)%			UDR, Inc.	(40,047)	(766,100)
Alliant Energy Corp.	(12,338)	(391,608)			(2,962,771)
			REAL ESTATE MANAGEMENT
Black Hills Corp.	(10,744)	(305,882)	& DEVELOPMENT — (0.9)%
Dominion Resources, Inc.	(10,692)	(414,208)	Brookfield Asset
		(1,111,698)	Management, Inc., Class A	(3,189)	(72,135)
OIL, GAS & CONSUMABLE FUELS — (6.6)%			Forest City Enterprises, Inc.,
Boardwalk Pipeline			Class A	(62,009)	(701,942)
Partners LP	(5,024)	(151,122)	St. Joe Co. (The)	(11,346)	(262,773)
BPZ Resources, Inc.	(145,619)	(604,319)			(1,036,850)
Chesapeake Energy Corp.	(29,259)	(612,976)	ROAD & RAIL — (0.3)%
CONSOL Energy, Inc.	(17,761)	(599,611)	Hertz Global Holdings, Inc.	(36,235)	(342,783)


Long-Short Market Neutral

	Shares	Value			Shares	Value
SEMICONDUCTORS &			TOBACCO — (0.8)%
SEMICONDUCTOR EQUIPMENT — (4.3)%			Universal Corp.		(1,417)	$ (56,227)
Applied Materials, Inc.	(31,878)	$ (383,174)	Vector Group Ltd.		(53,263)	(895,883)
Cavium Networks, Inc.	(33,175)	(868,853)				(952,110)
Cree, Inc.	(9,762)	(586,013)	TRADING COMPANIES & DISTRIBUTORS — (0.9)%
Diodes, Inc.	(2,881)	(45,721)	Fastenal Co.		(3,050)	(153,080)
Formfactor, Inc.	(62,159)	(671,317)	GATX Corp.		(29,266)	(780,816)
International Rectifier Corp.	(13,986)	(260,279)	Watsco, Inc.		(1,813)	(105,009)
MEMC Electronic						(1,038,905)
Materials, Inc.	(69,212)	(683,815)	WATER UTILITIES — (0.5)%
Microchip Technology, Inc.	(19,027)	(527,809)	Aqua America, Inc.		(32,868)	(581,106)
Netlogic Microsystems, Inc.	(7,446)	(202,531)	WIRELESS TELECOMMUNICATION
Rambus, Inc.	(38,971)	(682,772)	SERVICES — (2.0)%
		(4,912,284)	Clearwire Corp., Class A		(120,153)	(874,713)
SOFTWARE — (2.0)%			Crown Castle
AsiaInfo Holdings, Inc.	(11,588)	(253,314)	International Corp.		(17,037)	(634,798)
Concur Technologies, Inc.	(15,697)	(669,948)	Leap Wireless
Electronic Arts, Inc.	(15,489)	(223,042)	International, Inc.		(25,523)	(331,289)
NetSuite, Inc.	(13,782)	(174,204)	SBA Communications Corp.,
salesforce.com, inc.	(2,492)	(213,863)	Class A		(10,354)	(352,140)
			Shenandoah
Take-Two Interactive			Telecommunications Co.		(4,685)	(83,112)
Software, Inc.	(67,863)	(610,767)
THQ, Inc.	(40,644)	(175,582)				(2,276,052)
			TOTAL SECURITIES
		(2,320,720)	SOLD SHORT — (89.4)%
SPECIALTY RETAIL — (2.7)%			(Proceeds $110,302,353)		$(102,460,720)
American Eagle
Outfitters, Inc.	(45,433)	(533,838)
Coldwater Creek, Inc.	(72,592)	(243,909)	Notes to Schedule of Investments
Lowe’s Cos., Inc.	(31,897)	(651,337)	(1)	Securities are pledged with brokers as collateral for securities
O’Reilly Automotive, Inc.	(18,625)	(885,804)		sold short. At the period end, the value of securities pledged
Sally Beauty Holdings, Inc.	(29,006)	(237,849)		was $103,271,989.
Urban Outfitters, Inc.	(16,068)	(552,579)	(2)	Non-income producing.
		(3,105,316)
THRIFTS & MORTGAGE FINANCE — (0.7)%			Industry classifications are unaudited.
Radian Group, Inc.	(84,016)	(608,276)
Tree.com, Inc.	(27,614)	(174,520)
		(782,796)	See Notes to Financial Statements.

Statement of Assets and Liabilities


JUNE 30, 2010
Assets
Investment securities, at value (cost of $88,094,658)	$104,511,057
Cash on deposit with broker for securities sold short	111,325,125
Cash	1,713,807
Receivable for capital shares sold	211,355
Dividends and interest receivable	41,361
	217,802,705

Liabilities
Securities sold short, at value (proceeds of $110,302,353)	102,460,720
Payable for capital shares redeemed	494,022
Accrued management fees	131,203
Service fees (and distribution fees — A Class and R Class) payable	18,067
Distribution fees payable	8,103
Dividend expense payable on securities sold short	52,909
	103,165,024

Net Assets	$114,637,681

Net Assets Consist of:
Capital (par value and paid-in surplus)	$129,051,601
Accumulated net realized loss on investment and securities sold short transactions	(38,671,952)
Net unrealized appreciation on investments and securities sold short	24,258,032
	$114,637,681


	Net assets	Shares outstanding	Net asset value per share
Investor Class, $0.01 Par Value	$16,569,853	1,656,564	$10.00
Institutional Class, $0.01 Par Value	$11,881,852	1,179,837	$10.07
A Class, $0.01 Par Value	$72,780,848	7,332,662	$9.93*
B Class, $0.01 Par Value	$2,276,224	235,750	$9.66
C Class, $0.01 Par Value	$10,543,261	1,092,147	$9.65
R Class, $0.01 Par Value	$585,643	59,521	$9.84
*Maximum offering price $10.54 (net asset value divided by 0.9425)


See Notes to Financial Statements.

Statement of Operations


YEAR ENDED JUNE 30, 2010
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $11,645)	$ 2,054,039
Interest	3,839
	2,057,878

Expenses:
Dividend expense on securities sold short	2,061,837
Interest expense on securities sold short	372,537
Management fees	2,012,792
Distribution fees:
B Class	20,109
C Class	105,039
Service fees:
B Class	6,703
C Class	35,013
Distribution and service fees:
A Class	239,567
R Class	3,789
Directors’ fees and expenses	4,555
Other expenses	19,953
	4,881,894

Net investment income (loss)	(2,824,016)

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	34,514,612
Securities sold short transactions	(28,008,122)
	6,506,490

Change in net unrealized appreciation (depreciation) on:
Investments	(1,540,708)
Securities sold short	(2,742,344)
	(4,283,052)

Net realized and unrealized gain (loss)	2,223,438

Net Increase (Decrease) in Net Assets Resulting from Operations	$ (600,578)


See Notes to Financial Statements.

Statement of Changes in Net Assets


YEARS ENDED JUNE 30, 2010 AND JUNE 30, 2009
Increase (Decrease) in Net Assets	2010	2009
Operations
Net investment income (loss)	$ (2,824,016)	$ (3,635,683)
Net realized gain (loss)	6,506,490	(14,547,546)
Change in net unrealized appreciation (depreciation)	(4,283,052)	(1,057,542)
Net increase (decrease) in net assets resulting from operations	(600,578)	(19,240,771)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions	(56,599,782)	(20,550,832)

Net increase (decrease) in net assets	(57,200,360)	(39,791,603)

Net Assets
Beginning of period	171,838,041	211,629,644
End of period	$ 114,637,681	$171,838,041


See Notes to Financial Statements.

Notes to Financial Statements

JUNE 30, 2010

1. Organization and Summary of Significant Accounting Policies

Organization — American Century Quantitative Equity Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company. Long-Short Market Neutral Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified under the 1940 Act. The fund’s investment objective is to seek capital appreciation independent of equity market conditions. The fund buys, or takes long positions in, equity securities that have been identified as undervalued. The fund takes short positions in equity securities that have been identified as overvalued. The fund’s investment process is designed to maintain approximately equal dollar amounts invested in long and short positions at all times. The following is a summary of the fund’s signi ficant accounting policies.

Multiple Class — The fund is authorized to issue the Investor Class, the Institutional Class, the A Class, the B Class, the C Class and the R Class. The A Class may incur an initial sales charge. The A Class, B Class and C Class may be subject to a contingent deferred sales charge. The share classes differ principally in their respective sales charges and distribution and shareholder servicing expenses and arrangements. All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.

Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

Securities Sold Short — The fund may enter into a short sale, which is selling a security it does not own, as part of its normal investment activities. Upon selling a security short, the fund will segregate cash, cash equivalents or other appropriate liquid securities in at least an amount equal to the current market value of the securities sold short until the fund replaces the borrowed security. Interest earned or paid on segregated cash for securities sold short is reflected as interest income or interest expense. The fund is required to pay any dividends or interest due on securities sold short. Such dividends and interest are recorded as an expense. Liabilities for securities sold short are valued daily and changes in value are recorded as unrealized appreciation (depreciation) on securities sold short. The fund reco rds realized gain (loss) on a security sold short when it is terminated by the fund and includes as a component of realized gain (loss) on securities sold short transactions. The fund’s risks in selling securities short include the possibility that the future increases in market value may exceed the liability recorded or that the lender of the security may terminate the loan at a disadvantageous price or time to the fund. In addition, while the realized gains on securities sold short are limited to the price at which it sold the security short, the losses may be unlimited.

Repurchase Agreements — The fund may enter into repurchase agreements with institutions that American Century Investment Management, Inc. (ACIM) (the investment advisor) has determined are creditworthy pursuant to criteria adopted by the Board of Directors. Each repurchase agreement is recorded at cost. The fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable the fund to obtain those securities in the event of a default under the repurchase agreement. ACIM monitors, on a daily basis, the securities transferred to ensure the value, including accrued interest, of the securities under each repurchase agreement is equal to or greater than amounts owed to the fund under each repurchase agreement.

Distributions to Shareholders — Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income, if any, are declared and paid semiannually. Distributions from net realized gains, if any, are generally declared and paid annually.

2. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a Management Agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The Agreement provides that all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the specific class of shares of the fund and paid monthly in arrears. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. The rates for the Investment Category Fee range from 1.0480% to 1.2300%. The rates for the Complex Fee range from 0.2500% to 0.3100% for the Investor Class, A Class, B Class, C Class and R Class. The Institutional Class is 0.2000% less at each point within the Complex Fee range. The effective annual management fee for each class for the year ended June 30, 2010, was 1.40% for the Investor Class, A Class, B Class, C Class and R Class and 1.20% for the Institutional Class.

Distribution and Service Fees — The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, B Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay American Century Investment Services, Inc. (ACIS) an annual distribution and service fee of 0.25%. The plans provide that the B Class and C Class will each pay ACIS an annual distribution fee of 0.75% and service fee of 0.25%. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholde r services. Fees incurred under the plans during the year ended June 30, 2010, are detailed in the Statement of Operations.

Other Expenses — The fund’s total other expenses include the fees and expenses of the fund’s independent directors and their legal counsel and other miscellaneous expenses. A portion of these expenses was due to nonrecurring expenses paid by the fund. The impact of total other expenses to the annualized ratio of operating expenses to average net assets was 0.02%.

The fund is eligible to invest in a money market fund for temporary purposes, which is managed by J.P. Morgan Investment Management, Inc. (JPMIM). The fund has a Mutual Funds Services Agreement with J.P. Morgan Investor Services Co. (JPMIS). JPMorgan Chase Bank (JPMCB) is a custodian of the fund. JPMIM, JPMIS and JPMCB are wholly owned subsidiaries of JPMorgan Chase & Co. (JPM). JPM is an equity investor in ACC.

3. Investment Transactions

Purchases and sales of investment securities and securities sold short, excluding short-term investments, for the year ended June 30, 2010, were $193,855,026 and $196,934,220, respectively.


4. Capital Share Transactions

Transactions in shares of the fund were as follows:
	Year ended June 30, 2010		Year ended June 30, 2009
	Shares	Amount	Shares	Amount
Investor Class/Shares Authorized	50,000,000		50,000,000
Sold	1,036,424	$ 10,346,661	1,911,327	$ 19,949,664
Redeemed	(1,673,493)	(16,727,635)	(2,267,677)	(23,248,663)
	(637,069)	(6,380,974)	(356,350)	(3,298,999)
Institutional Class/Shares Authorized	50,000,000		50,000,000
Sold	554,504	5,580,433	1,777,964	18,605,876
Redeemed	(1,597,249)	(16,029,185)	(741,402)	(7,697,274)
	(1,042,745)	(10,448,752)	1,036,562	10,908,602
A Class/Shares Authorized	70,000,000		70,000,000
Sold	7,169,067	71,213,377	4,329,302	45,040,978
Redeemed	(10,345,618)	(102,705,155)	(7,158,059)	(72,955,762)
	(3,176,551)	(31,491,778)	(2,828,757)	(27,914,784)
B Class/Shares Authorized	10,000,000		10,000,000
Sold	11,278	110,108	110,857	1,141,819
Redeemed	(90,003)	(869,608)	(81,914)	(826,016)
	(78,725)	(759,500)	28,943	315,803
C Class/Shares Authorized	10,000,000		10,000,000
Sold	344,797	3,352,577	584,193	5,930,556
Redeemed	(1,079,003)	(10,457,305)	(680,115)	(6,872,873)
	(734,206)	(7,104,728)	(95,922)	(942,317)
R Class/Shares Authorized	10,000,000		10,000,000
Sold	30,411	299,610	40,865	414,082
Redeemed	(72,376)	(713,660)	(3,323)	(33,219)
	(41,965)	(414,050)	37,542	380,863
Net increase (decrease)	(5,711,261)	$ (56,599,782)	(2,177,982)	$(20,550,832)

5. Fair Value Measurements

• Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical securities;

• Level 3 valuation inputs consist of significant unobservable inputs (including a fund’s own assumptions).


	Level 1	Level 2	Level 3
Investment Securities
Domestic Common Stocks	$ 97,147,985	—	—
Foreign Common Stocks	6,124,004	—	—
Temporary Cash Investments	39,068	$1,200,000	—
Total Value of Investment Securities	$103,311,057	$1,200,000	—

Securities Sold Short
Domestic Common Stocks	$ (94,137,385)	—	—
Foreign Common Stocks	(8,323,335)	—	—
Total Value of Securities Sold Short	$(102,460,720)	—	—

6. Risk Factors

The fund’s investment process may produce high portfolio turnover and high short-term capital gains distributions. In addition, its investment approach may involve higher volatility, short sales risk and overweighting risk. The fund may suffer losses when taking long positions in market sectors or industries that are not offset by corresponding short positions, resulting in an over- or underweighted sector or industry.

7. Federal Tax Information

There were no distributions paid by the fund during the years ended June 30, 2010 and June 30, 2009.

As of June 30, 2010, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:


Federal tax cost of investments	$90,216,643
Gross tax appreciation of investments	$20,634,251
Gross tax depreciation of investments	(6,339,837)
Net tax appreciation (depreciation) of investments	$14,294,414
Net tax appreciation (depreciation) on securities sold short	$ 7,841,633
Net tax appreciation (depreciation)	$22,136,047
Undistributed ordinary income	—
Accumulated capital losses	$(36,549,967)

The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

The accumulated capital losses listed above represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be limited due to Internal Revenue Code Limitations. The capital loss carryovers of $(726,363), $(11,723,614), $(7,547,465), $(7,401,476) and $(9,151,049) expire in 2014, 2015, 2016, 2017 and 2018, respectively.

8. Corporate Event

On February 18, 2010, the Board of Directors approved an interim investment advisory agreement under which the fund will be managed until a new agreement is approved by fund shareholders. On April 1, 2010, the Board of Directors approved a new investment advisory agreement. The interim agreement and the new agreement are substantially identical to the terminated agreements (with the exception of different effective and termination dates) and will not result in changes in the management of American Century Investments, the fund, its investment objectives, fees or services provided. The new agreement for the fund was approved by shareholders at a Special Meeting of Shareholders on June 16, 2010. The new agreement went into effect on July 16, 2010.

Financial Highlights


Long-Short Market Neutral

Investor Class
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)
		2010	2009	2008	2007⁽¹⁾	2006	2005⁽²⁾
Per-Share Data
Net Asset Value,
Beginning of Period		$10.01	$10.92	$11.22	$10.40	$9.97	$10.00
Income From
Investment Operations
Net Investment
Income (Loss)⁽³⁾		(0.17)	(0.16)	0.08	0.14	0.24	0.06
Net Realized and
Unrealized Gain (Loss)		0.16	(0.75)	(0.15)	0.68	0.27	(0.09)
Total From
Investment Operations		(0.01)	(0.91)	(0.07)	0.82	0.51	(0.03)
Distributions
From Net
Investment Income		—	—	(0.23)	—	(0.08)	—
Net Asset Value,
End of Period		$10.00	$10.01	$10.92	$11.22	$10.40	$9.97

Total Return⁽⁴⁾		(0.10)%	(8.33)%	(0.67)%	7.88%	5.08%	(0.30)%

Ratios/Supplemental Data
Ratio of Operating
Expenses to
Average Net Assets		3.09%	3.34%	2.89%	2.71%⁽⁵⁾	3.45%	2.76%⁽⁵⁾
Ratio of Net Investment
Income (Loss) to
Average Net Assets		(1.68)%	(1.56)%	0.90%	2.61%⁽⁵⁾	2.17%	2.23%⁽⁵⁾
Portfolio Turnover Rate		140%	330%	356%	181%	428%	171%
Portfolio Turnover Rate
Excluding Short Sales		35%	151%	137%	38%	50%	36%
Net Assets, End of Period
(in thousands)		$16,570	$22,956	$28,939	$20,732	$12,781	$498
Ratio of Operating
Expenses (excluding
expenses on securities
sold short) to
Average Net Assets		1.42%	1.41%	1.39%	1.39%⁽⁵⁾	1.38%	1.37%⁽⁵⁾
(1)	January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual
	reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)	September 30, 2005 (fund inception) through December 31, 2005.
(3)	Computed using average shares outstanding throughout the period.
(4)	Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year
	are not annualized. Total returns are calculated based on the net asset value of the last business day. The total return of the classes may not
	precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset
	values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The
	calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value
	between one class and another.
(5)	Annualized.

See Notes to Financial Statements.


Long-Short Market Neutral

Institutional Class
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)
		2010	2009	2008	2007⁽¹⁾	2006	2005⁽²⁾
Per-Share Data
Net Asset Value,
Beginning of Period		$10.06	$10.95	$11.24	$10.40	$9.97	$10.00
Income From
Investment Operations
Net Investment
Income (Loss)⁽³⁾		(0.16)	(0.15)	0.17	0.15	0.25	0.06
Net Realized and
Unrealized Gain (Loss)		0.17	(0.74)	(0.22)	0.69	0.28	(0.09)
Total From
Investment Operations		0.01	(0.89)	(0.05)	0.84	0.53	(0.03)
Distributions
From Net
Investment Income		—	—	(0.24)	—	(0.10)	—
Net Asset Value,
End of Period		$10.07	$10.06	$10.95	$11.24	$10.40	$9.97

Total Return⁽⁴⁾		0.10%	(8.13)%	(0.48)%	8.08%	5.30%	(0.30)%

Ratios/Supplemental Data
Ratio of Operating
Expenses to
Average Net Assets		2.89%	3.14%	2.69%	2.51%⁽⁵⁾	3.25%	2.56%⁽⁵⁾
Ratio of Net Investment
Income (Loss) to
Average Net Assets		(1.48)%	(1.36)%	1.10%	2.81%⁽⁵⁾	2.37%	2.43%⁽⁵⁾
Portfolio Turnover Rate		140%	330%	356%	181%	428%	171%
Portfolio Turnover Rate
Excluding Short Sales		35%	151%	137%	38%	50%	36%
Net Assets, End of Period
(in thousands)		$11,882	$22,354	$12,989	$19,559	$14,412	$499
Ratio of Operating
Expenses (excluding
expenses on securities
sold short) to
Average Net Assets		1.22%	1.21%	1.19%	1.19%⁽⁵⁾	1.18%	1.17%⁽⁵⁾
(1)	January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual
	reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)	September 30, 2005 (fund inception) through December 31, 2005.
(3)	Computed using average shares outstanding throughout the period.
(4)	Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year
	are not annualized. Total returns are calculated based on the net asset value of the last business day. The total return of the classes may not
	precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset
	values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The
	calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value
	between one class and another.
(5)	Annualized.

See Notes to Financial Statements.


Long-Short Market Neutral

A Class
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)
		2010	2009	2008	2007⁽¹⁾	2006	2005⁽²⁾
Per-Share Data
Net Asset Value,
Beginning of Period		$9.96	$10.89	$11.21	$10.40	$9.96	$10.00
Income From
Investment Operations
Net Investment
Income (Loss)⁽³⁾		(0.19)	(0.18)	0.07	0.13	0.20	0.05
Net Realized and
Unrealized Gain (Loss)		0.16	(0.75)	(0.18)	0.68	0.29	(0.09)
Total From
Investment Operations		(0.03)	(0.93)	(0.11)	0.81	0.49	(0.04)
Distributions
From Net
Investment Income		—	—	(0.21)	—	(0.05)	—
Net Asset Value,
End of Period		$9.93	$9.96	$10.89	$11.21	$10.40	$9.96

Total Return⁽⁴⁾		(0.30)%	(8.54)%	(0.98)%	7.79%	4.93%	(0.40)%

Ratios/Supplemental Data
Ratio of Operating
Expenses to
Average Net Assets		3.34%	3.59%	3.14%	2.96%⁽⁵⁾	3.70%	3.01%⁽⁵⁾
Ratio of Net Investment
Income (Loss) to
Average Net Assets		(1.93)%	(1.81)%	0.65%	2.36%⁽⁵⁾	1.92%	1.98%⁽⁵⁾
Portfolio Turnover Rate		140%	330%	356%	181%	428%	171%
Portfolio Turnover Rate
Excluding Short Sales		35%	151%	137%	38%	50%	36%
Net Assets, End of Period
(in thousands)		$72,781	$104,634	$145,265	$110,065	$56,219	$498
Ratio of Operating
Expenses (excluding
expenses on securities
sold short) to
Average Net Assets		1.67%	1.66%	1.64%	1.64%⁽⁵⁾	1.63%	1.62%⁽⁵⁾
(1)	January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual
	reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)	September 30, 2005 (fund inception) through December 31, 2005.
(3)	Computed using average shares outstanding throughout the period.
(4)	Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges.
	Total returns for periods less than one year are not annualized. Total returns are calculated based on the net asset value of the last business day.
	The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values
	to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the
	class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not
	result in any gain or loss of value between one class and another.
(5)	Annualized.

See Notes to Financial Statements.


Long-Short Market Neutral

B Class
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)
		2010	2009	2008	2007⁽¹⁾	2006	2005⁽²⁾
Per-Share Data
Net Asset Value,
Beginning of Period		$9.76	$10.76	$11.11	$10.35	$9.94	$10.00
Income From
Investment Operations
Net Investment
Income (Loss)⁽³⁾		(0.26)	(0.26)	—⁽⁴⁾	0.09	0.12	0.03
Net Realized and
Unrealized Gain (Loss)		0.16	(0.74)	(0.18)	0.67	0.29	(0.09)
Total From
Investment Operations		(0.10)	(1.00)	(0.18)	0.76	0.41	(0.06)
Distributions
From Net
Investment Income		—	—	(0.17)	—	—	—
Net Asset Value,
End of Period		$9.66	$9.76	$10.76	$11.11	$10.35	$9.94

Total Return⁽⁵⁾		(1.02)%	(9.29)%	(1.63)%	7.34%	4.12%	(0.60)%

Ratios/Supplemental Data
Ratio of Operating
Expenses to
Average Net Assets		4.09%	4.34%	3.89%	3.71%⁽⁶⁾	4.45%	3.76%⁽⁶⁾
Ratio of Net Investment
Income (Loss) to
Average Net Assets		(2.68)%	(2.56)%	(0.10)%	1.61%⁽⁶⁾	1.17%	1.23%⁽⁶⁾
Portfolio Turnover Rate		140%	330%	356%	181%	428%	171%
Portfolio Turnover Rate
Excluding Short Sales		35%	151%	137%	38%	50%	36%
Net Assets, End of Period
(in thousands)		$2,276	$3,069	$3,071	$3,020	$1,505	$497
Ratio of Operating
Expenses (excluding
expenses on securities
sold short) to
Average Net Assets		2.42%	2.41%	2.39%	2.39%⁽⁶⁾	2.38%	2.37%⁽⁶⁾
(1)	January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual
	reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)	September 30, 2005 (fund inception) through December 31, 2005.
(3)	Computed using average shares outstanding throughout the period.
(4)	Per-share amount was less than $0.005.
(5)	Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges.
	Total returns for periods less than one year are not annualized. Total returns are calculated based on the net asset value of the last business day.
	The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values
	to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the
	class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not
	result in any gain or loss of value between one class and another.
(6)	Annualized.

See Notes to Financial Statements.


Long-Short Market Neutral

C Class
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)
		2010	2009	2008	2007⁽¹⁾	2006	2005⁽²⁾
Per-Share Data
Net Asset Value,
Beginning of Period		$9.76	$10.75	$11.11	$10.35	$9.94	$10.00
Income From
Investment Operations
Net Investment
Income (Loss)⁽³⁾		(0.26)	(0.26)	—⁽⁴⁾	0.09	0.12	0.03
Net Realized and
Unrealized Gain (Loss)		0.15	(0.73)	(0.19)	0.67	0.29	(0.09)
Total From
Investment Operations		(0.11)	(0.99)	(0.19)	0.76	0.41	(0.06)
Distributions
From Net
Investment Income		—	—	(0.17)	—	—	—
Net Asset Value,
End of Period		$9.65	$9.76	$10.75	$11.11	$10.35	$9.94

Total Return⁽⁵⁾		(1.13)%	(9.21)%	(1.72)%	7.34%	4.12%	(0.60)%

Ratios/Supplemental Data
Ratio of Operating
Expenses to
Average Net Assets		4.09%	4.34%	3.89%	3.71%⁽⁶⁾	4.45%	3.76%⁽⁶⁾
Ratio of Net Investment
Income (Loss) to
Average Net Assets		(2.68)%	(2.56)%	(0.10)%	1.61%⁽⁶⁾	1.17%	1.23%⁽⁶⁾
Portfolio Turnover Rate		140%	330%	356%	181%	428%	171%
Portfolio Turnover Rate
Excluding Short Sales		35%	151%	137%	38%	50%	36%
Net Assets, End of Period
(in thousands)		$10,543	$17,821	$20,673	$19,690	$8,393	$497
Ratio of Operating
Expenses (excluding
expenses on securities
sold short) to
Average Net Assets		2.42%	2.41%	2.39%	2.39%⁽⁶⁾	2.38%	2.37%⁽⁶⁾
(1)	January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual
	reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)	September 30, 2005 (fund inception) through December 31, 2005.
(3)	Computed using average shares outstanding throughout the period.
(4)	Per-share amount was less than $0.005.
(5)	Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges.
	Total returns for periods less than one year are not annualized. Total returns are calculated based on the net asset value of the last business day.
	The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values
	to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the
	class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not
	result in any gain or loss of value between one class and another.
(6)	Annualized.

See Notes to Financial Statements.


Long-Short Market Neutral

R Class
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)
		2010	2009	2008	2007⁽¹⁾	2006	2005⁽²⁾
Per-Share Data
Net Asset Value,
Beginning of Period		$9.89	$10.85	$11.18	$10.39	$9.96	$10.00
Income From
Investment Operations
Net Investment
Income (Loss)⁽³⁾		(0.21)	(0.22)	0.04	0.11	0.17	0.04
Net Realized and
Unrealized Gain (Loss)		0.16	(0.74)	(0.17)	0.68	0.29	(0.08)
Total From
Investment Operations		(0.05)	(0.96)	(0.13)	0.79	0.46	(0.04)
Distributions
From Net
Investment Income		—	—	(0.20)	—	(0.03)	—
Net Asset Value,
End of Period		$9.84	$9.89	$10.85	$11.18	$10.39	$9.96

Total Return⁽⁴⁾		(0.51)%	(8.85)%	(1.19)%	7.60%	4.57%	(0.40)%

Ratios/Supplemental Data
Ratio of Operating
Expenses to
Average Net Assets		3.59%	3.84%	3.39%	3.21%⁽⁵⁾	3.95%	3.26%⁽⁵⁾
Ratio of Net Investment
Income (Loss) to
Average Net Assets		(2.18)%	(2.06)%	0.40%	2.11%⁽⁵⁾	1.67%	1.73%⁽⁵⁾
Portfolio Turnover Rate		140%	330%	356%	181%	428%	171%
Portfolio Turnover Rate
Excluding Short Sales		35%	151%	137%	38%	50%	36%
Net Assets, End of Period
(in thousands)		$586	$1,004	$694	$561	$521	$498
Ratio of Operating
Expenses (excluding
expenses on securities
sold short) to
Average Net Assets		1.92%	1.91%	1.89%	1.89%⁽⁵⁾	1.88%	1.87%⁽⁵⁾
(1)	January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual
	reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)	September 30, 2005 (fund inception) through December 31, 2005.
(3)	Computed using average shares outstanding throughout the period.
(4)	Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year
	are not annualized. Total returns are calculated based on the net asset value of the last business day. The total return of the classes may not
	precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset
	values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The
	calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value
	between one class and another.
(5)	Annualized.

See Notes to Financial Statements.

Report of Independent Registered Public Accounting Firm

To the Directors of the American Century Quantitative Equity Funds, Inc.
and Shareholders of the Long-Short Market Neutral Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Long-Short Market Neutral Fund (one of the eleven funds comprising the American Century Quantitative Equity Funds, Inc., hereafter referred to as the “Fund”) at June 30, 2010, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; ou r responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Kansas City, Missouri
August 19, 2010

Proxy Voting Results

Proposal 1:


Frederick L.A. Grauer	For:	4,067,909,978
	Withhold:	174,470,448
	Abstain:	0
	Broker Non-Vote:	0

The other directors whose term of office continued after the meeting include Jonathan S. Thomas, John Freidenrich, Ronald J. Gilson, Peter F. Pervere, Myron S. Scholes, and John B. Shoven.

Proposal 2:

To approve a management agreement between the fund and American Century Investment Management, Inc.:


Investor, A, B, C and R Classes	For:	46,761,371
	Against:	932,968
	Abstain:	2,059,316
	Broker Non-Vote:	18,970,074

Institutional Class	For:	6,570,443
	Against:	113,986
	Abstain:	9,980
	Broker Non-Vote:	1,277,794

Management

The Board of Directors

Ronald J. Gilson
Year of Birth: 1946
Position(s) with the Fund: Director and Chairman of the Board
Length of Time Served: Since 1995
Principal Occupation(s) During the Past Five Years: Charles J. Meyers Professor of Law and
Business, Stanford Law School (1979 to present); Marc and Eva Stern Professor of
Law and Business, Columbia University School of Law (1992 to present)
Number of Funds in Fund Complex Overseen by Director: 41
Other Directorships Held by Director During the Past Five Years: None
Education/Other Professional Experience: BA, Washington University; JD, Yale Law School;
formerly, Attorney, Steinhart, Goldberg, Feigenbaum & Ladar

Frederick L. A. Grauer
Year of Birth: 1946
Position(s) with the Fund: Director
Length of Time Served: Since 2008
Principal Occupation(s) During the Past Five Years: Senior Advisor, BlackRock, Inc. (investment
management firm) (2010 to present); Senior Advisor, Barclays Global Investors
(investment management firm) (2003 to 2009)
Number of Funds in Fund Complex Overseen by Director: 41
Other Directorships Held by Director During the Past Five Years: None
Education/Other Professional Experience: BA in Economics, University of British Columbia;
MA in Economics, University of Chicago; PhD in Business, Stanford University;
formerly, Executive Chairman, Barclays Global Investors; Chairman and Chief
Executive Officer, Wells Fargo Nikko Investment Advisors; and Vice President,
Merrill Lynch Capital Markets Group; formerly, Director, New York Stock Exchange,
Chicago Mercantile Exchange and Columbia University; formerly, Faculty Member,
Graduate School of Business, Columbia University and Alfred P. Sloan School of
Management, Massachusetts Institute of Technology

Peter F. Pervere
Year of Birth: 1947
Position(s) with the Fund: Director
Length of Time Served: Since 2007
Principal Occupation(s) During the Past Five Years: Retired
Number of Funds in Fund Complex Overseen by Director: 41
Other Directorships Held by Director During the Past Five Years: Intraware, Inc. (2003 to 2009);
Digital Impact, Inc. (2003 to 2005)
Education/Other Professional Experience: BA in History, Stanford University; CPA; formerly,
Vice President and Chief Financial Officer, Commerce One, Inc. (software and
services provider); formerly, Vice President and Corporate Controller, Sybase, Inc.;
formerly with accounting firm of Arthur Young & Co.

Myron S. Scholes
Year of Birth: 1941
Position(s) with the Fund: Director
Length of Time Served: Since 1980
Principal Occupation(s) During the Past Five Years: Chairman, Platinum Grove Asset
Management, L.P. (asset manager) (1999 to 2009); Frank E. Buck Professor of
Finance-Emeritus, Stanford Graduate School of Business (1996 to present)
Number of Funds in Fund Complex Overseen by Director: 41
Other Directorships Held by Director During the Past Five Years: Dimensional Fund Advisors
(investment advisor); CME Group, Inc. (futures and options exchange)
Education/Other Professional Experience: BA in Economics, McMaster University (Ontario);
MBA and PhD, University of Chicago; formerly, Senior Research Fellow at the
Hoover Institute; formerly, Edward Eagle Brown Professor of Finance, University of
Chicago; recipient of the Alfred Nobel Memorial Prize in Economic Sciences

John B. Shoven
Year of Birth: 1947
Position(s) with the Fund: Director
Length of Time Served: Since 2002
Principal Occupation(s) During the Past Five Years: Professor of Economics, Stanford University
(1973 to present)
Number of Funds in Fund Complex Overseen by Director: 41
Other Directorships Held by Director During the Past Five Years: Cadence Design Systems;
Exponent; Financial Engines; PalmSource, Inc. (2002 to 2005); Watson Wyatt
Worldwide (2002 to 2006)
Education/Other Professional Experience: BA in Physics, University of California; PhD in
Economics, Yale University; Director of the Stanford Institute for Economic Policy
Research (1999 to present); formerly, Chair of Economics and Dean of Humanities
and Sciences, Stanford University

Interested Director
Jonathan S. Thomas
Year of Birth: 1963
Position(s) with the Fund: Director and President
Length of Time Served: Since 2007
Principal Occupation(s) During the Past Five Years: President and Chief Executive Officer,
ACC (March 2007 to present); Chief Administrative Officer, ACC (February 2006 to
February 2007); Executive Vice President, ACC (November 2005 to February 2007);
Global Chief Operating Officer and Managing Director, Morgan Stanley (investment
management) (March 2000 to November 2005). Also serves as: Chief Executive
Officer and Manager, ACS; Executive Vice President, ACIM; Director, ACC, ACIM
and other ACC subsidiaries
Number of Funds in Fund Complex Overseen by Director: 104
Other Directorships Held by Director During the Past Five Years: None
Education/Other Professional Experience: BA in Economics, University of Massachusetts;
MBA, Boston College; formerly held senior leadership roles with Fidelity
Investments, Boston Financial Services and Bank of America; serves on the Board of
Governors of the Investment Company Institute

Officers


Name	Offices with
(Year of Birth)	the Fund	Principal Occupation(s) During the Past Five Years
Jonathan S.	Director and	President and Chief Executive Officer, ACC (March 2007 to present); Chief
Thomas (1963)	President	Administrative Officer, ACC (February 2006 to February 2007); Executive Vice
	since 2007	President, ACC (November 2005 to February 2007); Global Chief Operating
		Officer and Managing Director, Morgan Stanley (March 2000 to November
		2005). Also serves as: Chief Executive Officer and Manager, ACS; Executive
		Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries
Barry Fink (1955)	Executive	Chief Operating Officer and Executive Vice President, ACC (September 2007
	Vice President	to present); President, ACS (October 2007 to present); Managing Director,
	since 2007	Morgan Stanley (2000 to 2007); Global General Counsel, Morgan Stanley
		(2000 to 2006). Also serves as: Manager, ACS, and Director, ACC and
		certain ACC subsidiaries
Maryanne L.	Chief Compliance	Chief Compliance Officer, American Century funds, ACIM and ACS (August
Roepke (1956)	Officer since 2006	2006 to present); Assistant Treasurer, ACC (January 1995 to August 2006);
	and Senior Vice	and Treasurer and Chief Financial Officer, various American Century funds
	President	(July 2000 to August 2006). Also serves as: Senior Vice President, ACS
	since 2000
Charles A.	General Counsel	Attorney, ACC (February 1994 to present); Vice President, ACC (November
Etherington	since 2007 and	2005 to present); General Counsel, ACC (March 2007 to present); Also
(1957)	Senior Vice	serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries;
	President	and Senior Vice President, ACIM and ACS
	since 2006
Robert J. Leach	Vice President,	Vice President, ACS (February 2000 to present); and Controller, various
(1966)	Treasurer and	American Century funds (1997 to September 2006)
	Chief Financial
	Officer since 2006
David H. Reinmiller	Vice President	Attorney, ACC (January 1994 to present); Associate General Counsel, ACC
(1963)	since 2001	(January 2001 to present); Chief Compliance Officer, American Century
		funds and ACIM (January 2001 to February 2005). Also serves as: Vice
		President, ACIM and ACS
Ward D. Stauffer	Secretary	Attorney, ACC (June 2003 to Present)
(1960)	since 2005

The SAI has additional information about the fund’s directors and is available without charge, upon request, by calling 1-800-345-2021.

Board Approval of Management Agreements

American Century Investment Management, Inc. (“ACIM” or the “Advisor”) currently serves as investment advisor to the Fund under a management agreement (the “Current Management Agreement”) that took effect on July 16, 2010, following approval by the Fund’s Board of Directors (the “Board”) and shareholders. The Advisor previously served as investment advisor to the Fund pursuant to a prior management agreement (the “Prior Management Agreement”) and an interim management agreement (the “Interim Management Agreeement”). The Interim Management Agreement terminated in accordance with its terms on July 16, 2010, upon the effectiveness of the Current Management Agreement. The Prior Management Agreement terminated on February 16, 2010, as a result of a change of control of the Advisor’s parent company, American Century Companies, Inc. (“ACC”). The change in control occurred as the result of a change in the trustee of a trust created by James E. Stowers, Jr., the founder of American Century Investments that holds shares representing a significant interest in ACC stock. Mr. Stowers previously served as the trustee of the trust. On February 16, 2010, Mr. Richard W. Brown, Co-Chairman of ACC with Mr. Stowers, became the trustee in accordance with the terms of the trust and Mr. Stowers’ long-standing estate and succession plan.

Basis for Board Approval of Interim Management Agreement

Basis for Board Approval of Current Management Agreement

• the nature, extent and quality of investment management, shareholder services and other services provided to the Fund;

• the wide range of programs and services the Advisor provides to the Fund and its shareholders on a routine and non-routine basis;

• the compliance policies, procedures, and regulatory experience of the Advisor;

• data comparing the cost of owning the Fund to the cost of owning similar funds;

• the fact that there will be no changes to the fees, services, or personnel who provide such services as compared to the Prior Management Agreement;

• data comparing the Fund’s performance to appropriate benchmarks and/ or a peer group of other mutual funds with similar investment objectives and strategies;

• financial data showing the profitability of the Fund to the Advisor and the overall profitability of the Advisor;

• data comparing services provided and charges to the Fund with those for other non-fund investment management clients of the Advisor; and

Board concluded that the management fee to be paid by the Fund to the Advisor under the Current Management Agreement is reasonable in light of the services to be provided to the Fund.

Additional Information

Retirement Account Information

Proxy Voting Guidelines

Quarterly Portfolio Disclosure

Index Definitions

The following indices are used to illustrate investment market, sector, or style performance or to serve as fund performance comparisons. They are not investment products available for purchase.

The Barclays Capital U.S. 1–3 Month Treasury Bill Index is a component of the Short Treasury Index, which includes aged U.S. Treasury bills, notes and bonds and excludes zero coupon strips.

The Citigroup 3-Month Treasury Bill Index measures monthly return equivalents of yield averages that are not marked to market. This index is an average of the last three 3-month Treasury bill issues.

The Russell Midcap^®Index measures the performance of the 800 smallest of the 1,000 largest publicly traded U.S. companies, based on total market capitalization.

Notes



Contact Us
americancentury.com
Automated Information Line	1-800-345-8765
Investor Services Representative	1-800-345-2021 or
	816-531-5575
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American Century Quantitative Equity Funds, Inc.
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri

American Century Investment Services, Inc., Distributor

©2010 American Century Proprietary Holdings, Inc. All rights reserved.

1008
CL-ANN-69047

Annual Report

June 30, 2010

American Century Investments^®

Global Gold Fund

Table of Contents


President’s Letter	2
Market Perspective	3
12-Month Returns	3

Global Gold

Performance	4
Portfolio Commentary	6
Market Returns	7
Top Ten Holdings	8
Geographic Composition	8
Types of Investments in Portfolio	8

Shareholder Fee Example	9

Financial Statements

Schedule of Investments	11
Statement of Assets and Liabilities	13
Statement of Operations	14
Statement of Changes in Net Assets	15
Notes to Financial Statements	16
Financial Highlights	23
Report of Independent Registered Public Accounting Firm	29

Other Information

Proxy Voting Results	30
Management	31
Board Approval of Management Agreements	35
Additional Information	41
Index Definitions	42

President’s Letter

Dear Investor:

Sincerely,

Jonathan Thomas
President and Chief Executive Officer
American Century Investments

Market Perspective

By Scott Wittman, Chief Investment Officer, Quantitative Equity and Asset Allocation

Economic Recovery Proved Fragile

The coordinated, massive, and global response by central banks and national treasuries to curb the worldwide financial crisis led to modest economic gains during the 12-month period. As business spending data improved in the second half of 2009, optimism gathered momentum. Many investors assumed the global economy was pulling out of the recession, despite significant headwinds, including excessive debt levels, high unemployment, and a still-struggling housing market.

Those headwinds gathered strength late in the period, evaporating the earlier optimism and blowing in fears of a double-dip recession. Sovereign debt problems in Europe combined with ongoing labor-, housing- and consumer-related setbacks and a plunging global stock market sent nervous investors seeking “safe-haven” investments, including U.S. Treasury securities and gold.

Gold Prices Soared Even as Dollar Rallied

In an unusual trio of events, gold prices skyrocketed during the period, as inflation remained tame and the U.S. dollar rallied against the euro. Strong investor demand for gold caused the price of an ounce of gold (as measured by the London Gold PM Fix) to increase from $934.50 on June 30, 2009, to $1,244 on June 30, 2010, shy of the record high of $1,261 reached on June 28, 2010.

Growing concerns about the financial stability of sovereign debt in Greece, Spain, and other European nations sent the euro tumbling and helped spark a rally for the U.S. dollar. Against the euro, the dollar advanced 14.66% for the 12-month period, but compared with the yen, the greenback declined 8.23%.

Weak economic growth and falling commodity prices (other than gold) late in the period led to relatively tame inflation. For the 12 months ended June 30, 2010, headline inflation, as measured by the Consumer Price Index (CPI), was up 1.1%. Nevertheless, the extraordinary fiscal and monetary stimulus still working through the financial system eventually may lead to higher inflation and a weaker U.S. dollar than are currently reflected in the market. Ultimately, this scenario should help push gold prices higher.


12-Month Returns
As of June 30, 2010
London Gold PM Fix, in U.S. dollars	33.12%
U.S. Dollar vs. Euro (Calculated on the basis of one euro per one U.S. dollar)	14.66%
S&P Goldman Sachs Commodities Index (total returns)	-5.43%

Performance


Global Gold

Total Returns as of June 30, 2010
				Average Annual Returns
		Ticker				Since	Inception
		Symbol	1 year⁽¹⁾	5 years	10 years	Inception	Date
Investor Class		BGEIX	43.18%	19.14%	20.19%	5.54%	8/17/88
NYSE Arca Gold
Miners Index⁽²⁾		—	37.78%	17.08%	N/A⁽³⁾	N/A⁽³⁾	—
MSCI World Index		—	10.20%	0.06%	-1.02%	5.92%⁽⁴⁾	—
FT-SE^®Gold
Mines Index		—	32.14%	17.25%	16.72%	N/A⁽⁵⁾	—
Institutional Class		AGGNX	43.51%	—	—	8.10%	9/28/07
A Class⁽⁶⁾		ACGGX					5/6/98
No sales charge*			42.80%	18.83%	19.94%	11.67%
With sales charge*			34.62%	17.44%	19.23%	11.13%
B Class		AGYBX					9/28/07
No sales charge*			41.76%	—	—	6.80%
With sales charge*			37.76%	—	—	5.83%
C Class		AGYCX	41.82%	—	—	6.82%	9/28/07
R Class		AGGWX	42.50%	—	—	7.34%	9/28/07
*Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75%
maximum initial sales charge for equity funds and may be subject to a maximum CDSC of 1.00%. B Class shares redeemed within
six years of purchase are subject to a CDSC that declines from 5.00% during the first year after purchase to 0.00% the sixth year
after purchase. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires
that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.
(1)	Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in
	the future.
(2)	Returns do not reflect the reinvestment of dividends on securities in the index. Had such reinvestments been included, returns would have
	been higher.
(3)	Benchmark data first available 2/1/05.
(4)	Since 8/31/88, the date nearest the Investor Class’s inception for which data are available.
(5)	Benchmark data first available 9/22/98.
(6)	Prior to September 4, 2007, the A Class was referred to as the Advisor Class and did not have a front-end sales charge. Performance prior to that
	date has been adjusted to reflect this charge.

Global Gold


*Since NYSE Arca Gold Mines Index data is only available from 2/1/05, it is not included in the line chart.

Total Annual Fund Operating Expenses
	Institutional
Investor Class	Class	A Class	B Class	C Class	R Class
0.70%	0.50%	0.95%	1.70%	1.70%	1.20%

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. The fund concentrates its investments in a narrow segment of the total market and is therefore subject to greater risks and market fluctuations than a portfolio representing a broader range of industries. International investing involves special risks, such as political instability and currency fluctuations. Investing in emerging markets may accentuate t hese risks.

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the the indices are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the indices do not.

Portfolio Commentary

Global Gold

Portfolio Managers: Bill Martin and Joe Sterling

Performance Summary

Global Gold advanced 43.18%* for the 12 months ended June 30, 2010. The portfolio’s benchmark, the NYSE Arca Gold Miners Index, gained 37.78% for the same period. The portfolio’s return reflects operating expenses, while the benchmark’s return does not. Additionally, the benchmark’s return is not a “total return;” therefore, it does not reflect the reinvestment of dividends on securities in the index. If the benchmark’s return had included reinvested dividends, it would have been higher.

Gold rallied sharply throughout the 12-month period, as the precious metal assumed its “alternative currency” role by rising in all currencies. In the first half of the period, government spending aimed at reviving the U.S. economy led to U.S. dollar weakness. Investors looking to hedge against the weak U.S. dollar and potential rising inflation favored gold. (Usually, gold prices rise when the U.S. dollar falls, and vice versa.) Additionally, central banks, which for decades had been net sellers of gold, shifted their behavior and started purchasing small positions in 2009.

In early 2010, mounting sovereign debt concerns in Europe led to a weakening euro. The U.S. dollar gathered strength, but primarily in response to the euro’s troubles rather than any fundamental improvements in the greenback. Demand for gold remained robust, as investor concerns about the credit quality of sovereign debt and growing economic uncertainties prompted continued enthusiasm for “safe-haven” investments.

In this environment, overall stock performance remained strong, and gold-related stocks were among the stock market’s best performers. The portfolio’s outperformance relative to the benchmark primarily was due to our holdings among smaller-capitalization, non-benchmark companies.

Small-Cap Stocks Drove Results

Our strategy of generally underweighting the large-capitalization benchmark holdings and investing in small-capitalization, non-benchmark stocks was effective during the period. In particular, many of these smaller companies realized strong performance by aggressively growing their gold reserves.

Our position in Canada’s SEMAFO, Inc. was among the top contributors to performance. SEMAFO reported soaring profits driven by increased gold production and rising gold prices. Furthermore, late in the period, SEMAFO announced a 125% increase in reserves at its Mana Mine in Burkina Faso. Additionally, the company purchased a new mining fleet for its Niger mine, which boosted the company’s longer-term outlook. Our positions in Canada’s Red Back Mining, Inc. and Osisko Mining Corp. generated solid returns, with the companies reporting increases of 64% and 43%, respectively, in reserves during the first calendar quarter of 2010.

*All fund returns referenced in this commentary are for Investor Class shares.

Global Gold

Reserves Issues Hampered Larger Companies

In contrast, many of the larger companies represented in the benchmark lagged during the period, due to difficulties replacing their reserves. This was particularly true in South Africa, where reserve problems hindered Harmony Gold Mining Co., and our position in the company detracted from relative performance. In addition to its reserves problems, Harmony struggled with rising costs associated with bringing several of its mines into full operation at a time when the nation’s currency, the rand, was flat.

In addition, shares of South Africa-based AngloGold Ashanti Ltd. lagged due to low production from its South African mining operations. Our position in Gold Fields Ltd., another South Africa-based gold miner, suffered a similar fate.

Outlook

Looking ahead, we remain focused on gold mining companies that can continue to grow their reserve base while replacing production. One special situation we favor is the royalty business, where companies—such as Franco-Nevada Corp., Royal Gold, Inc. and Silver Wheaton Corp.—remain positioned to benefit from upside revenue growth either from rising gold prices or rising production. These companies offer a diversified portfolio with revenue streams tied to 35-40 assets. At the same time, these companies do not have the negative exposure associated with cost overruns or mine construction disappointments.

We will continue to invest in securities of companies engaged in the mining, processing, fabricating, or distributing of gold or other precious metals throughout the world. Regardless of macro developments, including the direction of gold prices and the strength of the U.S. dollar, we follow a disciplined investment approach. Shunning momentum-driven areas of the market, we strive to add value through tactical allocations in specific mining companies we believe are well-positioned to generate above-average returns.


Market Returns
For the year ended June 30, 2010
Background Influences⁽¹⁾
U.S. Dollar vs. South African Rand	-0.56%
U.S. Dollar vs. Australian Dollar	-4.09%
Broad Gold Stock Market
Lipper Precious Metals Fund Index	45.31%
FT-SE^®Gold Mines Index	32.14%
Regional Components of FT-SE^®Gold Mines Index
FT-SE^®Gold Mines Americas Index	35.51%
FT-SE^®Gold Mines Europe Middle East Africa Index	25.14%
FT-SE^®Gold Mines Asia Pacific Index	23.87%
(1) All percentage changes in foreign exchange rates are calculated on the basis of that currency per 1 U.S. dollar.


Global Gold

Top Ten Holdings
		% of net assets as of 6/30/10
Barrick Gold Corp.		13.6%
Goldcorp, Inc.⁽¹⁾		10.3%
Newmont Mining Corp.		8.0%
Randgold Resources Ltd.		5.2%
Silver Wheaton Corp.		5.0%
Eldorado Gold Corp.		4.7%
AngloGold Ashanti Ltd.		4.2%
Compania de Minas Buenaventura SA		4.1%
IAMGOLD Corp.		3.4%
Lihir Gold Ltd.		3.4%
(1)	Includes shares traded on all exchanges.

Geographic Composition
		% of net assets as of 6/30/10
Canada		65.0%
United States		10.2%
South Africa		8.3%
United Kingdom		5.8%
Australia		5.5%
Peru		4.1%
Mexico		0.8%
Sweden		—⁽²⁾
Cash and Equivalents⁽³⁾		0.3%
(2)	Category is less than 0.05% of total net assets.
(3)	Includes temporary cash investments and other assets and liabilities.

Types of Investments in Portfolio
		% of net assets as of 6/30/10
Common Stocks & Warrants		99.7%
Temporary Cash Investments		0.3%
Other Assets and Liabilities		—⁽⁴⁾
(4)	Category is less than 0.05% of total net assets.

Shareholder Fee Example (Unaudited)

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from January 1, 2010 to June 30, 2010.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*	Annualized
	1/1/10	6/30/10	1/1/10 – 6/30/10	Expense Ratio*
Actual
Investor Class	$1,000	$1,140.70	$3.66	0.69%
Institutional Class	$1,000	$1,141.70	$2.60	0.49%
A Class	$1,000	$1,139.00	$4.99	0.94%
B Class	$1,000	$1,134.90	$8.95	1.69%
C Class	$1,000	$1,134.90	$8.95	1.69%
R Class	$1,000	$1,137.80	$6.31	1.19%
Hypothetical
Investor Class	$1,000	$1,021.37	$3.46	0.69%
Institutional Class	$1,000	$1,022.36	$2.46	0.49%
A Class	$1,000	$1,020.13	$4.71	0.94%
B Class	$1,000	$1,016.41	$8.45	1.69%
C Class	$1,000	$1,016.41	$8.45	1.69%
R Class	$1,000	$1,018.89	$5.96	1.19%
*Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period,
multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period.

Schedule of Investments


Global Gold

JUNE 30, 2010
	Shares	Value		Shares	Value
Common Stocks & Warrants — 99.7%			MAG Silver Corp.⁽¹⁾	245,500	$ 1,515,133
AUSTRALIA — 5.5%			Minefinders Corp. Ltd.⁽¹⁾	360,000	3,209,243
Andean Resources Ltd.⁽¹⁾	3,420,300	$ 9,895,753	Nevsun Resources Ltd.⁽¹⁾	1,200,000	4,170,776
Centamin Egypt Ltd.⁽¹⁾	3,440,300	8,370,088	New Gold, Inc.⁽¹⁾	2,477,500	15,383,284
CGA Mining Ltd.⁽¹⁾	2,379,741	4,470,886	Northgate Minerals Corp.⁽¹⁾	1,395,400	4,220,739
Lihir Gold Ltd.	9,975,997	36,016,594	Osisko Mining Corp.⁽¹⁾	1,329,200	14,333,959
Sirius Resources NL⁽¹⁾	166,666	962	Pan American Silver Corp.	464,900	11,752,672
		58,754,283	Red Back Mining, Inc.⁽¹⁾	441,600	11,162,891
CANADA — 65.0%			San Gold Corp.⁽¹⁾	906,900	3,876,187
Agnico-Eagle Mines Ltd.	129,444	7,852,608	Seabridge Gold, Inc.⁽¹⁾	107,400	3,324,030
Agnico-Eagle Mines Ltd.			SEMAFO, Inc.⁽¹⁾	2,013,800	15,228,115
New York Shares	420,500	25,557,990	Silver Standard
Alamos Gold, Inc.	519,400	7,967,500	Resources, Inc.⁽¹⁾	353,400	6,308,190
Anatolia Minerals			Silver Wheaton Corp.⁽¹⁾	2,680,400	53,876,040
Development Ltd.⁽¹⁾	1,773,600	9,329,914	Torex Gold Resources, Inc.⁽¹⁾	10,286,190	10,821,974
Aurizon Mines Ltd.⁽¹⁾	887,400	4,368,020	Torex Gold Resources, Inc.
Barrick Gold Corp.	3,205,812	145,575,923	Warrants⁽¹⁾	1,321,547	310,354
Centerra Gold, Inc.⁽¹⁾	236,600	2,604,812	Ventana Gold Corp.⁽¹⁾	700,200	5,229,055
Clifton Star			Wesdome Gold Mines Ltd.	1,554,400	3,431,347
Resources, Inc.⁽¹⁾	329,700	1,229,542	Yamana Gold, Inc.	2,859,542	29,332,769
Comaplex Minerals Corp.⁽¹⁾	615,400	6,358,931	Yamana Gold, Inc.
Detour Gold Corp.⁽¹⁾	480,401	10,672,569	New York Shares	424,781	4,375,244
East Asia Minerals Corp.⁽¹⁾	527,700	3,083,269			698,169,690
Eldorado Gold Corp.	2,809,400	50,353,062	MEXICO — 0.8%
Exeter Resource Corp.⁽¹⁾	178,300	1,123,290	Fresnillo plc	632,303	9,134,986
Franco-Nevada Corp.	513,800	15,637,706	PERU — 4.1%
Gammon Gold, Inc.⁽¹⁾	371,000	2,028,294	Compania de Minas
			Buenaventura SA ADR	1,142,600	43,921,544
GBS Gold
International, Inc.⁽¹⁾	347,300	1,631	SOUTH AFRICA — 8.3%
Goldcorp, Inc.	2,441,876	106,914,509	AngloGold Ashanti Ltd.	493,102	21,313,392
Goldcorp, Inc.			AngloGold Ashanti Ltd. ADR	545,076	23,536,382
New York Shares	78,900	3,459,765	Gold Fields Ltd.	2,206,010	29,705,156
Golden Star			Harmony Gold
Resources Ltd.⁽¹⁾	1,116,500	4,929,360	Mining Co. Ltd.	1,352,550	14,323,687
Golden Star Resources Ltd.					88,878,617
New York Shares⁽¹⁾	525,000	2,299,500	SWEDEN⁽²⁾
Great Basin Gold Ltd.⁽¹⁾	1,173,200	1,994,732	ScanMining AB⁽¹⁾	325,900	—
Greystar Resources Ltd.⁽¹⁾	597,200	2,709,573	UNITED KINGDOM — 5.8%
IAMGOLD Corp.	2,063,719	36,387,211	African Barrick Gold Ltd.⁽¹⁾	650,000	6,115,882
Ivanhoe Mines Ltd.⁽¹⁾	579,600	7,508,040	Randgold Resources Ltd.
Jaguar Mining, Inc.⁽¹⁾	166,700	1,479,794	ADR	588,300	55,741,425
Kinross Gold Corp.	1,615,306	27,615,959			61,857,307
Kinross Gold Corp.			UNITED STATES — 10.2%
New York Shares	308,457	5,271,530	Coeur d’Alene Mines Corp.⁽¹⁾	98,259	1,550,527
Lake Shore Gold Corp.⁽¹⁾	662,900	1,992,654	Hecla Mining Co.⁽¹⁾	149,100	778,302


Global Gold

	Shares	Value	Notes to Schedule of Investments
Newmont Mining Corp.	1,393,714	$ 86,047,902	ADR = American Depositary Receipt
Royal Gold, Inc.	449,021	21,553,008	(1)	Non-income producing.
		109,929,739	(2)	Category is less than 0.05% of total net assets.
TOTAL COMMON STOCKS
& WARRANTS			Geographic classifications are unaudited.
(Cost $420,436,082)		1,070,646,166
Temporary Cash Investments — 0.3%
JPMorgan U.S. Treasury			See Notes to Financial Statements.
Plus Money Market Fund
Agency Shares	91,089	91,089
Repurchase Agreement, Bank of America
Securities, LLC, (collateralized by various
U.S. Treasury obligations, 1.125%, 6/30/11,
valued at $3,875,748), in a joint trading
account at 0.01%, dated 6/30/10, due
7/1/10 (Delivery value $3,800,001)		3,800,000
TOTAL TEMPORARY
CASH INVESTMENTS
(Cost $3,891,089)		3,891,089
TOTAL INVESTMENT
SECURITIES — 100.0%
(Cost $424,327,171)		1,074,537,255
OTHER ASSETS AND LIABILITIES⁽²⁾		(508,878)
TOTAL NET ASSETS — 100.0%		$1,074,028,377

Statement of Assets and Liabilities


JUNE 30, 2010
Assets
Investment securities, at value (cost of $424,327,171)	$1,074,537,255
Foreign currency holdings, at value (cost of $167,676)	165,624
Receivable for investments sold	5,334,839
Receivable for capital shares sold	710,388
Dividends and interest receivable	82,289
	1,080,830,395

Liabilities
Disbursements in excess of demand deposit cash	159,070
Payable for investments purchased	5,163,813
Payable for capital shares redeemed	864,546
Accrued management fees	606,690
Service fees (and distribution fees — A Class and R Class) payable	5,491
Distribution fees payable	2,408
	6,802,018

Net Assets	$1,074,028,377

Net Assets Consist of:
Capital (par value and paid-in surplus)	$ 438,156,226
Accumulated net investment loss	(4,148,509)
Accumulated net realized loss on investment and foreign currency transactions	(10,187,372)
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies	650,208,032
	$1,074,028,377


	Net assets	Shares outstanding	Net asset value per share
Investor Class, $0.01 Par Value	$1,032,308,969	44,668,288	$23.11
Institutional Class, $0.01 Par Value	$15,751,398	681,056	$23.13
A Class, $0.01 Par Value	$20,879,038	909,660	$22.95*
B Class, $0.01 Par Value	$1,654,281	72,849	$22.71
C Class, $0.01 Par Value	$2,317,790	102,022	$22.72
R Class, $0.01 Par Value	$1,116,901	48,639	$22.96
*Maximum offering price $24.35 (net asset value divided by 0.9425)


See Notes to Financial Statements.

Statement of Operations


YEAR ENDED JUNE 30, 2010
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $412,218)	$ 5,178,777
Interest	5,723
	5,184,500

Expenses:
Management fees	6,655,755
Distribution fees:
B Class	10,771
C Class	13,011
Service fees:
B Class	3,590
C Class	4,337
Distribution and service fees:
A Class	43,677
R Class	3,307
Directors’ fees and expenses	28,100
Other expenses	18,926
	6,781,474

Net investment income (loss)	(1,596,974)

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	107,399,868
Foreign currency transactions	14,215,916
	121,615,784

Change in net unrealized appreciation (depreciation) on:
Investments	220,353,465
Translation of assets and liabilities in foreign currencies	(45,908)
	220,307,557

Net realized and unrealized gain (loss)	341,923,341

Net Increase (Decrease) in Net Assets Resulting from Operations	$340,326,367


See Notes to Financial Statements.

Statement of Changes in Net Assets


YEARS ENDED JUNE 30, 2010 AND JUNE 30, 2009
Increase (Decrease) in Net Assets	2010	2009
Operations
Net investment income (loss)	$ (1,596,974)	$ (703,270)
Net realized gain (loss)	121,615,784	(99,819,961)
Change in net unrealized appreciation (depreciation)	220,307,557	(160,542,226)
Net increase (decrease) in net assets resulting from operations	340,326,367	(261,065,457)

Distributions to Shareholders
From net investment income:
Investor Class	(5,817,616)	(46,658)
Institutional Class	(102,540)	(17,375)
A Class	(65,994)	—
R Class	(625)	—
From net realized gains:
Investor Class	—	(87,357,840)
Institutional Class	—	(949,464)
A Class	—	(1,115,065)
B Class	—	(8,055)
C Class	—	(52,311)
R Class	—	(7,776)
Decrease in net assets from distributions	(5,986,775)	(89,554,544)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions	(81,449,142)	15,485,709

Redemption Fees
Increase in net assets from redemption fees	153,362	216,838

Net increase (decrease) in net assets	253,043,812	(334,917,454)

Net Assets
Beginning of period	820,984,565	1,155,902,019
End of period	$1,074,028,377	$ 820,984,565

Accumulated net investment loss	$(4,148,509)	$(11,700,112)


See Notes to Financial Statements.

Notes to Financial Statements

JUNE 30, 2010

1. Organization and Summary of Significant Accounting Policies

Organization — American Century Quantitative Equity Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company. Global Gold Fund (the fund) is one fund in a series issued by the corporation. The fund is nondiversified under the 1940 Act. The fund’s investment objective is to seek to realize a total return (capital growth and dividends) consistent with investment in securities of companies that are engaged in mining, processing, fabricating or distributing gold or other metals throughout the world. The fund invests primarily in equity securities. The following is a summary of the fund’s significant accounting policies.

Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Realized and unrealized gains and losses from foreign currency translations arise from changes in currency exchange rates.

Net realized and unrealized foreign currency exchange gains or losses occurring during the holding period of investment securities are a component of net realized gain (loss) on foreign currency transactions and net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies, respectively. Certain countries may impose taxes on the contract amount of purchases and sales of foreign currency contracts in their currency. The fund records the foreign tax expense, if any, as a reduction to the net realized gain (loss) on foreign currency transactions.

Redemption — The fund may impose a 1.00% redemption fee on shares held less than 60 days. The fee may not be applicable to all classes. The redemption fee is retained by the fund and helps cover transaction costs that long-term investors may bear when the fund sells securities to meet investor redemptions.

2. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a Management Agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The Agreement provides that all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the specific class of shares of the fund and paid monthly in arrears. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. The rates for the Investment Category Fee range from 0.3380% to 0.5200%. The rates for the Complex Fee range from 0.2500% to 0.3100% for the Investor Class, A Class, B Class, C Class and R Class. The Institutional Class is 0.2000% less at each point within the Complex Fee range. The effective annual management fee for each class for the year ended June 30, 2010 was 0.69% for the Investor Class, A Class, B Class, C Class and R Class and 0.49% for the Institutional Class.

Distribution and Service Fees — The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, B Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay American Century Investment Services, Inc. (ACIS) an annual distribution and service fee of 0.25%. The plans provide that the B Class and the C Class will each pay ACIS an annual distribution fee of 0.75% and service fee of 0.25%. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareh older services. Fees incurred under the plans during the year ended June 30, 2010, are detailed in the Statement of Operations.

3. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the year ended June 30, 2010, were $229,739,830 and $314,674,467, respectively.


4. Capital Share Transactions

Transactions in shares of the fund were as follows:
	Year ended June 30, 2010		Year ended June 30, 2009
	Shares	Amount	Shares	Amount
Investor Class/Shares Authorized	200,000,000		200,000,000
Sold	7,567,069	$ 154,310,795	11,247,965	$ 170,093,349
Issued in reinvestment of distributions	268,781	5,445,498	6,035,699	82,207,513
Redeemed	(11,990,931)	(243,553,721)	(16,748,609)	(249,396,470)
	(4,155,081)	(83,797,428)	535,055	2,904,392
Institutional Class/Shares Authorized	10,000,000		10,000,000
Sold	306,887	6,186,758	350,512	5,232,382
Issued in reinvestment of distributions	5,061	102,540	70,847	966,839
Redeemed	(189,413)	(3,778,037)	(302,414)	(4,644,348)
	122,535	2,511,261	118,945	1,554,873
A Class/Shares Authorized	20,000,000		20,000,000
Sold	618,293	12,476,471	1,129,242	15,886,305
Issued in reinvestment of distributions	2,704	54,488	69,762	944,580
Redeemed	(757,121)	(14,337,028)	(515,828)	(7,667,307)
	(136,124)	(1,806,069)	683,176	9,163,578
B Class/Shares Authorized	10,000,000		10,000,000
Sold	21,272	366,451	67,759	1,039,513
Issued in reinvestment of distributions	—	—	432	5,829
Redeemed	(5,176)	(104,738)	(16,699)	(255,945)
	16,096	261,713	51,492	789,397
C Class/Shares Authorized	10,000,000		10,000,000
Sold	62,106	1,246,949	84,609	1,251,358
Issued in reinvestment of distributions	—	—	2,486	33,590
Redeemed	(22,862)	(453,638)	(30,749)	(482,244)
	39,244	793,311	56,346	802,704
R Class/Shares Authorized	10,000,000		10,000,000
Sold	45,887	892,013	19,043	283,180
Issued in reinvestment of distributions	31	625	573	7,776
Redeemed	(16,681)	(304,568)	(1,371)	(20,191)
	29,237	588,070	18,245	270,765
Net increase (decrease)	(4,084,093)	$ (81,449,142)	1,463,259	$ 15,485,709

5. Fair Value Measurements

• Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical securities;

• Level 3 valuation inputs consist of significant unobservable inputs (including a fund’s own assumptions).


	Level 1	Level 2	Level 3
Investment Securities
Foreign Common Stocks & Warrants	$386,123,525	$574,592,902	—
Domestic Common Stocks	109,929,739	—	—
Temporary Cash Investments	91,089	3,800,000	—
Total Value of Investment Securities	$496,144,353	$578,392,902	—

6. Interfund Lending

7. Risk Factors

8. Federal Tax Information

The tax character of distributions paid during the years ended June 30, 2010 and June 30, 2009 were as follows:


	2010	2009
Distributions Paid From
Ordinary income	$5,986,775	$68,427
Long-term capital gains	—	$89,486,117

As of June 30, 2010, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:


Federal tax cost of investments	$467,709,661
Gross tax appreciation of investments	$613,378,557
Gross tax depreciation of investments	(6,550,963)
Net tax appreciation (depreciation) of investments	$606,827,594
Net tax appreciation (depreciation) on derivatives and translation of assets
and liabilities in foreign currencies	$ (2,052)
Net tax appreciation (depreciation)	$606,825,542
Undistributed ordinary income	$28,202,071
Accumulated long-term gains	$844,538

The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and the realization to ordinary income for tax purposes of unrealized gains on investments in passive foreign investment companies.

9. Corporate Event

10. Other Tax Information (Unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended June 30, 2010.

For corporate taxpayers, the fund hereby designates $508,357, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended June 30, 2010 as qualified for the corporate dividends received deduction.

As of June 30, 2010, the fund intends to pass through to shareholders $412,218, or up to the maximum amount allowable, as a foreign tax credit, which represents taxes paid on income derived from sources within foreign countries or possessions of the United States. During the fiscal year ended June 30, 2010, the fund earned $4,908,103 from income derived from foreign sources. Foreign source income and foreign tax expense per outstanding share on June 30, 2010 are $0.1056 and $0.0089, respectively.

Financial Highlights


Global Gold

Investor Class
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)
		2010	2009	2008	2007⁽¹⁾	2006	2005
Per-Share Data
Net Asset Value,
Beginning of Period		$16.24	$23.54	$18.26	$19.63	$15.50	$12.00
Income From
Investment Operations
Net Investment
Income (Loss)⁽²⁾		(0.03)	(0.01)	(0.04)	(0.01)	(0.01)	0.01
Net Realized and
Unrealized Gain (Loss)		7.03	(5.35)	5.42	(1.24)	4.18	3.49
Total From
Investment Operations		7.00	(5.36)	5.38	(1.25)	4.17	3.50
Distributions
From Net
Investment Income		(0.13)	—⁽³⁾	(0.11)	(0.12)	(0.05)	—
From Net
Realized Gains		—	(1.94)	—	—	—	—
Total Distributions		(0.13)	(1.94)	(0.11)	(0.12)	(0.05)	—
Redemption Fees⁽²⁾		—⁽³⁾	—⁽³⁾	0.01	—⁽³⁾	0.01	—⁽³⁾
Net Asset Value,
End of Period		$23.11	$16.24	$23.54	$18.26	$19.63	$15.50

Total Return⁽⁴⁾		43.18%	(21.19)%	29.61%	(6.36)%	27.03%	29.17%

Ratios/Supplemental Data
Ratio of Operating
Expenses to
Average Net Assets		0.69%	0.70%	0.68%	0.67%⁽⁵⁾	0.67%	0.67%
Ratio of Net Investment
Income (Loss) to
Average Net Assets		(0.16)%	(0.09)%	(0.17)%	(0.12)%⁽⁵⁾	(0.03)%	0.11%
Portfolio Turnover Rate		24%	20%	17%	3%	18%	5%
Net Assets, End of Period
(in thousands)		$1,032,309	$792,814	$1,136,741	$949,426	$1,071,545	$775,971
(1)	January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual
	reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)	Computed using average shares outstanding throughout the period.
(3)	Per-share amount was less than $0.005.
(4)	Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year
	are not annualized. Total returns are calculated based on the net asset value of the last business day. The total return of the classes may not
	precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset
	values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The
	calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value
	between one class and another.
(5)	Annualized.

See Notes to Financial Statements.


Global Gold

Institutional Class
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)
		2010	2009	2008⁽¹⁾
Per-Share Data
Net Asset Value, Beginning of Period		$16.25	$23.55	$21.67
Income From Investment Operations
Net Investment Income (Loss)⁽²⁾		0.01	0.01	0.01
Net Realized and Unrealized Gain (Loss)		7.04	(5.34)	1.99
Total From Investment Operations		7.05	(5.33)	2.00
Distributions
From Net Investment Income		(0.17)	(0.03)	(0.13)
From Net Realized Gains		—	(1.94)	—
Total Distributions		(0.17)	(1.97)	(0.13)
Redemption Fees⁽²⁾		—⁽³⁾	—⁽³⁾	0.01
Net Asset Value, End of Period		$23.13	$16.25	$23.55

Total Return⁽⁴⁾		43.51%	(21.04)%	9.37%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets		0.49%	0.50%	0.48%⁽⁵⁾
Ratio of Net Investment Income (Loss) to Average Net Assets		0.04%	0.11%	0.05%⁽⁵⁾
Portfolio Turnover Rate		24%	20%	17%⁽⁶⁾
Net Assets, End of Period (in thousands)		$15,751	$9,076	$10,353
(1)	September 28, 2007 (commencement of sale) through June 30, 2008.
(2)	Computed using average shares outstanding throughout the period.
(3)	Per-share amount was less than $0.005.
(4)	Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year
	are not annualized. Total returns are calculated based on the net asset value of the last business day. The total return of the classes may not
	precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset
	values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The
	calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value
	between one class and another.
(5)	Annualized.
(6)	Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended June 30, 2008.

See Notes to Financial Statements.


Global Gold

A Class⁽¹⁾
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)
		2010	2009	2008	2007⁽²⁾	2006	2005
Per-Share Data
Net Asset Value,
Beginning of Period		$16.13	$23.46	$18.22	$19.59	$15.46	$12.00
Income From
Investment Operations
Net Investment
Income (Loss)⁽³⁾		(0.08)	(0.06)	(0.09)	(0.04)	(0.05)	(0.02)
Net Realized and
Unrealized Gain (Loss)		6.97	(5.33)	5.40	(1.23)	4.18	3.48
Total From
Investment Operations		6.89	(5.39)	5.31	(1.27)	4.13	3.46
Distributions
From Net
Investment Income		(0.07)	—	(0.08)	(0.10)	(0.01)	—
From Net
Realized Gains		—	(1.94)	—	—	—	—
Total Distributions		(0.07)	(1.94)	(0.08)	(0.10)	(0.01)	—
Redemption Fees⁽³⁾		—⁽⁴⁾	—⁽⁴⁾	0.01	—⁽⁴⁾	0.01	—⁽⁴⁾
Net Asset Value,
End of Period		$22.95	$16.13	$23.46	$18.22	$19.59	$15.46

Total Return⁽⁵⁾		42.80%	(21.40)%	29.28%	(6.48)%	26.77%	28.94%

Ratios/Supplemental Data
Ratio of Operating
Expenses to
Average Net Assets		0.94%	0.95%	0.93%	0.92%⁽⁶⁾	0.92%	0.92%
Ratio of Net Investment
Income (Loss) to
Average Net Assets		(0.41)%	(0.34)%	(0.42)%	(0.37)%⁽⁶⁾	(0.28)%	(0.14)%
Portfolio Turnover Rate		24%	20%	17%	3%	18%	5%
Net Assets, End of Period
(in thousands)		$20,879	$16,866	$8,506	$5,442	$6,206	$5,311
(1)	Prior to September 4, 2007, the A Class was referred to as the Advisor Class.
(2)	January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual
	reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(3)	Computed using average shares outstanding throughout the period.
(4)	Per-share amount was less than $0.005.
(5)	Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges.
	Total returns for periods less than one year are not annualized. Total returns are calculated based on the net asset value of the last business day.
	The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values
	to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the
	class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not
	result in any gain or loss of value between one class and another.
(6)	Annualized.

See Notes to Financial Statements.


Global Gold

B Class
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)
		2010	2009	2008⁽¹⁾
Per-Share Data
Net Asset Value, Beginning of Period		$16.02	$23.48	$21.67
Income From Investment Operations
Net Investment Income (Loss)⁽²⁾		(0.23)	(0.18)	(0.20)
Net Realized and Unrealized Gain (Loss)		6.92	(5.34)	2.00
Total From Investment Operations		6.69	(5.52)	1.80
Distributions
From Net Realized Gains		—	(1.94)	—
Redemption Fees⁽²⁾		—⁽³⁾	—⁽³⁾	0.01
Net Asset Value, End of Period		$22.71	$16.02	$23.48

Total Return⁽⁴⁾		41.76%	(21.98)%	8.40%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets		1.69%	1.70%	1.68%⁽⁵⁾
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.16)%	(1.09)%	(1.16)%⁽⁵⁾
Portfolio Turnover Rate		24%	20%	17%⁽⁶⁾
Net Assets, End of Period (in thousands)		$1,654	$909	$124
(1)	September 28, 2007 (commencement of sale) through June 30, 2008.
(2)	Computed using average shares outstanding throughout the period.
(3)	Per-share amount was less than $0.005.
(4)	Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges.
	Total returns for periods less than one year are not annualized. Total returns are calculated based on the net asset value of the last business day.
	The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values
	to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the
	class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not
	result in any gain or loss of value between one class and another.
(5)	Annualized.
(6)	Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended June 30, 2008.

See Notes to Financial Statements.


Global Gold

C Class
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)
		2010	2009	2008⁽¹⁾
Per-Share Data
Net Asset Value, Beginning of Period		$16.02	$23.48	$21.67
Income From Investment Operations
Net Investment Income (Loss)⁽²⁾		(0.23)	(0.18)	(0.20)
Net Realized and Unrealized Gain (Loss)		6.93	(5.34)	2.00
Total From Investment Operations		6.70	(5.52)	1.80
Distributions
From Net Realized Gains		—	(1.94)	—
Redemption Fees⁽²⁾		—⁽³⁾	—⁽³⁾	0.01
Net Asset Value, End of Period		$22.72	$16.02	$23.48

Total Return⁽⁴⁾		41.82%	(21.98)%	8.40%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets		1.69%	1.70%	1.68%⁽⁵⁾
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.16)%	(1.09)%	(1.17)%⁽⁵⁾
Portfolio Turnover Rate		24%	20%	17%⁽⁶⁾
Net Assets, End of Period (in thousands)		$2,318	$1,006	$151
(1)	September 28, 2007 (commencement of sale) through June 30, 2008.
(2)	Computed using average shares outstanding throughout the period.
(3)	Per-share amount was less than $0.005.
(4)	Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges.
	Total returns for periods less than one year are not annualized. Total returns are calculated based on the net asset value of the last business day.
	The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values
	to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the
	class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not
	result in any gain or loss of value between one class and another.
(5)	Annualized.
(6)	Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended June 30, 2008.

See Notes to Financial Statements.


Global Gold

R Class
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)
		2010	2009	2008⁽¹⁾
Per-Share Data
Net Asset Value, Beginning of Period		$16.13	$23.52	$21.67
Income From Investment Operations
Net Investment Income (Loss)⁽²⁾		(0.13)	(0.11)	(0.12)
Net Realized and Unrealized Gain (Loss)		6.98	(5.34)	2.01
Total From Investment Operations		6.85	(5.45)	1.89
Distributions
From Net Investment Income		(0.02)	—	(0.05)
From Net Realized Gains		—	(1.94)	—
Total Distributions		(0.02)	(1.94)	(0.05)
Redemption Fees⁽²⁾		—⁽³⁾	—⁽³⁾	0.01
Net Asset Value, End of Period		$22.96	$16.13	$23.52

Total Return⁽⁴⁾		42.50%	(21.62)%	8.83%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets		1.19%	1.20%	1.18%⁽⁵⁾
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.66)%	(0.59)%	(0.71)%⁽⁵⁾
Portfolio Turnover Rate		24%	20%	17%⁽⁶⁾
Net Assets, End of Period (in thousands)		$1,117	$313	$27
(1)	September 28, 2007 (commencement of sale) through June 30, 2008.
(2)	Computed using average shares outstanding throughout the period.
(3)	Per-share amount was less than $0.005.
(4)	Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year
	are not annualized. Total returns are calculated based on the net asset value of the last business day. The total return of the classes may not
	precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset
	values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The
	calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value
	between one class and another.
(5)	Annualized.
(6)	Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended June 30, 2008.

See Notes to Financial Statements.

Report of Independent Registered Public Accounting Firm

To the Directors of the American Century Quantitative Equity Funds, Inc.
and Shareholders of the Global Gold Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Global Gold Fund (one of the eleven funds comprising the American Century Quantitative Equity Funds, Inc., hereafter referred to as the “Fund”) at June 30, 2010, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibili ty is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Kansas City, Missouri
August 19, 2010

Proxy Voting Results

Proposal 1:


Frederick L.A. Grauer	For:	4,067,909,978
	Withhold:	174,470,448
	Abstain:	0
	Broker Non-Vote:	0

The other directors whose term of office continued after the meeting include Jonathan S. Thomas, John Freidenrich, Ronald J. Gilson, Peter F. Pervere, Myron S. Scholes, and John B. Shoven.

Proposal 2:

To approve a management agreement between the fund and American Century Investment Management, Inc.:


Investor, A, B, C and R Classes	For:	523,547,058
	Against:	12,583,993
	Abstain:	15,072,624
	Broker Non-Vote:	75,932,787

Institutional Class	For:	11,478,396
	Against:	0
	Abstain:	0
	Broker Non-Vote:	0

Management

The Board of Directors

Officers


Name	Offices with
(Year of Birth)	the Fund	Principal Occupation(s) During the Past Five Years
Jonathan S.	Director and	Principal Occupation(s) During the Past Five Years: President and Chief
Thomas (1963)	President	Executive Officer, ACC (March 2007 to present); Chief Administrative
	since 2007	Officer, ACC (February 2006 to February 2007); Executive Vice President,
		ACC (November 2005 to February 2007); Global Chief Operating Officer
		and Managing Director, Morgan Stanley (March 2000 to November 2005).
		Also serves as: Chief Executive Officer and Manager, ACS; Executive Vice
		President, ACIM; Director, ACC, ACIM and other ACC subsidiaries
Barry Fink (1955)	Executive	Chief Operating Officer and Executive Vice President, ACC (September 2007
	Vice President	to present); President, ACS (October 2007 to present); Managing Director,
	since 2007	Morgan Stanley (2000 to 2007); Global General Counsel, Morgan Stanley
		(2000 to 2006). Also serves as: Manager, ACS, and Director, ACC and
		certain ACC subsidiaries
Maryanne L.	Chief Compliance	Chief Compliance Officer, American Century funds, ACIM and ACS (August
Roepke (1956)	Officer since 2006	2006 to present); Assistant Treasurer, ACC (January 1995 to August 2006);
	and Senior Vice	and Treasurer and Chief Financial Officer, various American Century funds
	President	(July 2000 to August 2006). Also serves as: Senior Vice President, ACS
	since 2000
Charles A.	General Counsel	Attorney, ACC (February 1994 to present); Vice President, ACC (November
Etherington	since 2007 and	2005 to present); General Counsel, ACC (March 2007 to present); Also
(1957)	Senior Vice	serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries;
	President	and Senior Vice President, ACIM and ACS
	since 2006
Robert J. Leach	Vice President,	Vice President, ACS (February 2000 to present); and Controller, various
(1966)	Treasurer and	American Century funds (1997 to September 2006)
	Chief Financial
	Officer since 2006
David H. Reinmiller	Vice President	Attorney, ACC (January 1994 to present); Associate General Counsel, ACC
(1963)	since 2001	(January 2001 to present); Chief Compliance Officer, American Century
		funds and ACIM (January 2001 to February 2005). Also serves as: Vice
		President, ACIM and ACS
Ward D. Stauffer	Secretary	Attorney, ACC (June 2003 to Present)
(1960)	since 2005

The SAI has additional information about the fund’s directors and is available without charge, upon request, by calling 1-800-345-2021.

Board Approval of Management Agreements

American Century Investment Management, Inc. (“ACIM” or the “Advisor”) currently serves as investment advisor to the Fund under a management agreement (the “Current Management Agreement”) that took effect on July 16, 2010, following approval by the Fund’s Board of Directors (the “Board”) and shareholders. The Advisor previously served as investment advisor to the Fund pursuant to a prior management agreement (the “Prior Management Agreement”) and an interim management agreement (the “Interim Management Agreeement”). The Interim Management Agreement terminated in accordance with its terms on July 16, 2010, upon the effectiveness of the Current Management Agreement. The Prior Management Agreement terminated on February 16, 2010, as a result of a change of control of the Advisor’s parent company, American Century Companies, Inc. (“ACC”). The change in control occurred as the result of a change in the trustee of a trust created by James E. Stowers, Jr., the founder of American Century Investments that holds shares representing a significant interest in ACC stock. Mr. Stowers previously served as the trustee of the trust. On February 16, 2010, Richard W. Brown, Co-Chairman of ACC with Mr. Stowers, became the trustee in accordance with the terms of the trust and Mr. Stowers’ long-standing estate and succession plan.